Tue, 23 Oct 2012 | BUSINESS SALE
The owner of electrical retailer Comet is understood to be exploring a sale.
Although private equity firm owner OpCapita has not formally put the business up for sale, reports suggest that it is looking into a number of bids from different interested parties.
OpCapita originally bought Comet earlier this year for the nominal sum of £2. This also came with investment from the previous owner Kesa of £50 million.
The change of ownership came with a change of leadership with Sir John Clare, former chief executive of Dixons Retail, joining Comet as chairman on the same day as the sale to OpCapita was finalised
Despite the dismal forecasts from analysts highlighting significant operational losses, Sir John believed that the firm could be turned around. And he has delivered on his word, stating earlier this year that the group has made around £50 million in savings and hopes to break even this year.
It appears he isn't alone in this view as the firm has received a number of unsolicited approaches regarding a sale. The group is now holding talks with three interested parties, according to City A.M.
The wholesale business has an established trading history and has built up a strong reputation and a loyal customer base. Business is drawn from a wide demographic of clients with a good spread across different business sectors.
This is a unique opportunity to acquire a company specialising in luxury performance cycle clothing, utilising the finest specialist fabrics and cutting-edge construction techniques.
A leading internet-based provider of customisable and curated beauty box services. Over the last decade, the business has evolved from a premier subscription service to a leading internet-based provider of highly attractive and rapidly expanding beau...
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