The name behind the high street electronics chains Radio Rentals and Crazy George’s, Carmelite Capital was formed in 1998 when the Japanese investment bank Nomura paid £980m for Thorn EMI’s UK businesses – some of which it has since sold on to Granada for £380m. In 2002 Carmelite reported a drop in sales of almost £100m to £352m, and turned a £5.7m operating profit into a loss of £10m. It now employs 2,901 people, has 103 stores and also offers credit services.
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