THE collapse of Escom of Germany, the bankrupt owner of the Rumbelows chain of electrical shops, could cost the entertainment and rental giant Thorn EMI up to £30 million sterling, the group said yesterday.
The revelation came as the company, which is preparing for demerger, announced a 13 per cent rise in profits before tax and exceptional items for its first quarter of its financial year.
Thorn said it was reviewing the collapse of Escom UK, which is in receivership, to see what liabilities would arise if any of the leaseholds of the 230 Rumbelows outlets reverted to the group. estimates that should all such properties revert to it a provision of approximately £30 million would be required," it said.
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