Falling Comet is sold
STRUGGLING electrical goods chain Comet was yesterday sold for just £2, less than the price of a plug.
Its owner Kesa Electricals has agreed to pay a £50million dowry to the buyer, private equity firm OpCapita which has also pledged to pump £30million into the business.
The deal, due to complete in February, sees OpCapita take on 246 Comet stores with 10,000 staff. A spokesman said there were no plans for store closures or job losses.
OpCapita’s managing partner Henry Jackson added: “We believe this business is very much viable and has a real future.” His team includes former Dixons boss John Clare and ex-Halfords chief David Hamid.
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The sale comes days after Carphone Warehouse announced the closure of its jointly owned Best Buy UK megastores
The sale comes days after Carphone Warehouse announced the closure of its jointly owned Best Buy UK megastores.
Kesa has agreed to retain the liability of Comet’s final salary pension scheme, with a deficit of £38million, and will focus its efforts on its Darty chain in Europe. Its shares fell 2¾p to 99p.
The scale of the task facing OpCapita was highlighted by figures showing Comet sales down 18 per cent in the past six months.