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.
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