Wed, 09 Nov 2011 | BUSINESS SALE
After six months of seeking a sale, Kesa has finally announced its plans to sell off the beleaguered electrical retailer Comet to a group of firms for £2.
The buyer is a group of companies collectively known as “Hailey”, and is being advised by OpCapita, the retailer turnaround specialist.
Kesa is due to invest £50 million into the new holding company, and will keep liability for the Comet employees’ final salary pension scheme. The Anglo-French electrical goods retailer would gain from a subsequent sale of the chain only if the resale price is more than £70 million.
OpCapita has supported Hailey in securing £30 million of private equity investment and a £40 million loan facility.
The soon-to-be new owners have promised to operate Comet as a going concern for a minimum period of 18 months.
It is thought the sale will lead to the closure of some of Comet’s stores, currently numbering 250. It has been confirmed by the parent company that 17 Comet stores will be closed.
Comet’s sales fell by 22 per cent over the summer, double the rate of decline of other electrical retailers Dixons, Currys, PC World, and Argos’ owner Home Retail for the same period.
Our previous story on Comet for sale.
The company offers a multi-disciplinary range of construction consultancy services for all of building projects across the private and public sectors. The business is able to offer a variety of solutions, including specifying, designing, procuring an...
The business specialises in the supply and distribution of fixings, fasteners, nuts, bolts, and ancillary products. Operating on a regional B2B basis, the company supplies organisations within the construction, roofing, and plumbing industries
LEASEHOLD
Offers a comprehensive range of marine equipment, including rudders, stern gear and bearings. All products can be designed and manufactured in line with ISO 484-1 and Lloyd’s Register quality standards, assuring clients that they are receiving high-q...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.