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August 4, 1987

THORN BUYS MORE RETAIL SPACE IN UK

By CBR Staff Writer

Less than a week after announcing its first acquisition for nearly three years, Thorn EMI has struck again. It has paid UKP10m in a mixture of cash and shares for Yorkshire-based TV rental chain Vallances Ltd. The completed deal follows last Wednesday’s $600m tender bid for Rent-A-Center Inc of Kansas (CI No 735). Both new businesses, assuming the US deal comes off, will be merged into Rumbelows, part of Thorn’s Home Electronics Division and conform with Thorn’s strategy of strengthening its core activities (CI No 721). Vallances, which brings in 28 High Street shops and a further 13 out-of-town stores trading under the Atlantis banner, lost UKP1.3m pre-tax on turnover of UKP46.8m in the year to March 28. Thorn shares followed the market down, ending off 8p on the day at 704p.

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