6:29 am, May 28, 2026
TG Jones owner Modella acquires Flying Tiger in latest high street takeover
TG Jones owner Modella Capital has announced the takeover of Flying Tiger Copenhagen in the latest swoop for a high street retailer by the private equity firm.
Modella said the acquisition marked the next chapter for the Danish retailer which has more than 1,100 shops in 44 countries around the world. Modella, which did not disclose the price of the acquisition, said it was backing the retailer’s existing plans to target more than 700 new franchise store openings by 2030.
The investment firm has emerged to become a big name in the British retail industry, having made big acquisitions including WH Smith’s high street chain last year, which was renamed as TG Jones, Claire’s Accessories and the Original Factory Shop. Modella is currently trying to get approval from TG Jones’ creditors for restructuring plans which could see up to 150 shops closed.
Radley stores face closure despite rescue from administration
Radley has been bought out of administration from the owners of Poundland in a deal which leaves the retailer’s shops at risk of closure.
Gordon Brothers, which also owns LK Bennett, purchased the Radley brand, intellectual property and some assets in a pre-pack administration deal.
However, the takeover does not include Radley’s retail operations, which include 21 stores across the UK. It confirmed that 42 jobs would also be lost ‘with immediate effect’, as a result.
Lotus reveals more powerful, lightweight Emira 420 Sport
The Emira 420 Sport’s powertrain consists of a 2.0-litre turbocharged petrol engine that produces 414bhp and 500Nm of torque. As an option, customers can spec the car with a ‘Lightweight Handling Pack’ which reduces the car’s weight by 25kg and adds 25kg of extra downforce. This means it now comes in at 1,332kg.
The exterior boasts several tweaks over the standard Turbo car, including a 5mm lower ride height, revised suspension with two-way adjustable Multimatic dampers, high-performance tyres and a bonded aluminium chassis. Prices start at £105,900.
The markets
The FTSE 100 nudged higher on Wednesday and the oil price fell amid fresh hopes for progress in talks between the US and Iran.
The FTSE 100 closed up 13.62 points, 0.1%, at 10,505.01. The FTSE 250 ended up 57.49 points, 0.3%, at 23,384.98, and the AIM All-Share rose 1.13 points, 0.1%, at 813.59.
The pound traded at 1.3429 dollars on Wednesday afternoon, down from 1.3443 dollars on Tuesday. Against the euro, sterling eased to 1.1543 euros from 1.1567 euros on Tuesday.
Andy Burnham accuses Tony Blair of failing to understand modern politics
Andy Burnham has hit back at Sir Tony Blair, accusing him of failing to understand modern politics, after the former prime minister launched a scathing attack on Labour’s policy agenda.
In a highly critical 5,700-word essay published on Wednesday, Sir Tony also urged Labour MPs to avoid a ‘personality contest’ or backing a change at the top without first deciding on its policy direction.
Burnham, who is widely expected to launch a bid for the Labour leadership if he wins next month’s Makerfield by-election, criticised the essay for not mentioning inequality. He also said the problem with Blairism is it ‘sometimes saw the market as always the answer’.
Resident doctors in England to strike in June
Resident doctors will go on strike for four days in June, the British Medical Association (BMA) has said.
The announcement follows the union’s first talks with new Health Secretary James Murray on Wednesday.
Walkouts will begin at 7am on Monday, June 15, ending at 6.59am on Friday June 19.
Weather
Scattered showers, some potentially thundery, will affect parts of the UK today, though many areas will stay dry with sunny spells, reports BBC Weather. Cloud will build in the west later.
Tonight, cloud and rain spread into western Scotland and northern areas, while southern and central England remain mostly clear and dry.
