Ivo Nikkolo demands €70,000 rent from Baltika

Baltman shop.
Baltman shop. Source: Siim Lõvi /ERR

Designer Ivo Nikkolo's company is taking Baltika to court to try and claim €70,000 rent which Baltika says it does not owe.

Designer Ivo Nikkolo's company Kalaport Ltd owns a property in the Old Town where, under a subsidiary of Baltika, a shop bearing the name of Ivo Nikkolo itself was operating. Baltika believes Nikkolo demanded an unreasonable high rent after closing the shop and Nikkolo has now gone to court against Baltika for the money.

Due to the coronavirus pandemic, sales of fashion goods decreased significantly, which is why Baltika's subsidiary Baltman decided to close the Ivo Nikkolo store in November.

The store rent was too high for Baltman in the recession and was four times higher than the other properties in the Old Town.

Baltika told the stock exchange that they would have liked to solve the situation with an agreement with the landlord, but Nikkolo refused to cooperate.

After the negotiations, Nikkolo's company Kalaport Ltd issued an application against Baltman demanding €70,140 worth of rent.

Baltman considered the claim unreasonable and the company will stick to this opinion in court saying the rental contract has ended and the company does not have any debt.

The main activity of the company Kalaport OÜ, founded in 1996 by Nikkolo, is the maintenance and management of the real estate, the company owns one property.

In 2019, the company's turnover was €147,000. There were no employees in the company, the remuneration of the board member was paid €6,480 euros. In addition to Ivo Nikkolo, Theodor-Justus Nikkolo also belongs to the Management Board.

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Editor: Roberta Vaino

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