Comet sounds out store sale to rivals

Comet has approached rival retailers with a confidential list of nearly two dozen of its top stores with the aim of selling them.

The floundering electrical retailer has recorded the weakest sales figures this year out of all the British electrical retailers. If it sells the selected 22 stores, £5 million of its annual rent will be wiped out.

Spend-conscious consumers are still avoiding buying pricey items such as televisions, cookers, computers, iPods and satnavs. Comet and its flagging sales are thought to be a drag on its owner Kesa, which is one of the leading players in the electricals retail market Europe.

Comet has 250 stores and has plans to dispose of around eight of them each year as leases expire. The disposal of 22 prime stores – including Comet’s flagship in Maybury Retail Park in Edinburgh - is in addition to these plans.

The stores are thought more likely to be sold off individually or in smaller tranches than to a single buyer taking on all 22 stores. It has been speculated by analysts that the part-sale could indicate a future sale of the whole Comet business.

Rival retailer Dixons is understood not to be interested in purchasing the Comet business nor any of the constituent stores.

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