The big Comet sale: whole company for just £2
The troubled Comet chain of electrical retailers is to be sold off by its owner Kesa – for £2.
Existing warranties and servicing will be safeguarded under the deal, but store closures are expected.
The Anglo-French company will sell Comet to a group comprising Hailey Holdings Ltd. and Hailey Acquisitions Limited, advised by OpCapita, which specialises in turning around ailing retail operations.
Kesa, which owns retailers across Europe, including major French company Darty, will invest £50m into the company buying Comet, which has also attracted investment and loan facilities totalling £70m.
The new owners have committed to keeping Comet as a going concern for at least 18 months, and warranties and servicing have been safeguarded with the transfer of a €73m fund from Kesa to the new company.
However, it's expected that some of the 250 shops Comet currently has will be closed: plans were already underway for 17 stores to be closed, and nine more to have their size adjusted to suit trading conditions, over the next three years.
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Comments
Actually, in this case it's the seller paying for the warranties, not the buyer.
I assume the buyer turned down the additional £50,000,000 for warranty when buying Comet for £2.00
I think they need to offer better finance deals when buying pricey electricals! A lot of the specialist retailers (especially online) offer 0% APR and excellent advice.
Some of the morons working in comet and dixons dont deserve to sell water, never mind TVs.
Blimey, an entire company for only two Quid?? Er, reading the small print, about £50 million needs to be invested to make Comet more economically viable. So much for a bargain.
Just wait until they try to get their £2 back for defective goods!!!
Ooops!
Ah right – well glad that's clear, Clare...
Wrong spelling either way: Bill Haley; Edmond Halley.
From Clare (not Claire)
I think the reference was to Bill, rather than Edmond, Claire. You know the one with the kiss-curl rather than the periwig.
.... If not a sense of spelling
Hmmm – Hailey set to own Comet. Good to see someone has a sense of humour...