Modella Capital in pole position to buy Claire's UK operations - report

(Sharecast News) - Modella Capital, the new owner of WH Smith's high street business, is reportedly in pole position to snap up the British operations of accessories retailer Claire's. According to Sky News, Modella has agreed the outline of a deal with Claire's new US-based owner, private equity firm Ames Watson, which paves the way for it to buy the UK chain.

Modella was said to have edged ahead of rival bidders in recent days including Dragons' Den judge Touker Suleyman and HMV owner Doug Putman.

Sky said Ames Watson was understood to have been seeking minimum financial guarantees for Claire's UK business as part of its discussions with potential buyers.

Sources close to the process told Sky on Wednesday that Modella had yet to agree a separate deal with Interpath Advisory, the administrators of Claire's business in the UK.

While there was no guarantee that it would do so, its talks with Ames Watson makes the prospects of an agreement likely, the sources added.

Claire's trades from 278 stores in the UK and 28 in Ireland, employing about 2,100 people across the combined estate.