Curry’s to pay out on every England goal, covered by Lloyd’s
UK electronics retailer Curry's has insured with Lloyd’s its policy to refund £10 to buyers of high-end televisions for every goal that England scores in the World Cup, excluding own goals and penalty shoot-outs, the FT reports.
Curry's should pay about £60 on past England form. The company will not disclose what it expects its total liability might be, but is hedged through Lloyd's of London, the FT said.
Andrew Buchanan, head of IFRS accounting at BDO, says that the event could wreak minor havoc on some balance sheets. "If England are still in the tournament at the end of June . . . I would expect these retailers to record a liability in their second-quarter accounts, even if they are hedged against a potential pay-out."