Entrepreneur aims to give new life to Comet

Entrepreneur Clive Coombes is planning on launching a new retail chain with foundations in collapsed electricals store Comet.

Comet entered administration last November, with its assets and brands falling into the hands of administrators Deloitte. All 235 stores around the country were closed and OpCapita and its backers, who owned the firm, have been working to recoup their funds from the collapse since the administration.

Despite frequent suggestions that the electrical market is saturated, Mr Coombes believes that aspects of Comet can be given new life.

He intends to exploit what he sees as a gap in the market for a smaller chain to be located in high street stores, instead of attempting to compete on Comet's old ground of larger out-of-town warehouse-style outlets.

To do this, Mr Coombes will merge Meridian Wholesale Ltd and Comet Distributors Ltd to create a new brand, Meridian Comet. He is currently looking for investors willing to buy shares in the venture and eventually intends to list on Aim.

Writing on the firm's website, Mr Coombes said: “The UK market for white goods and multimedia equipment is enormous, valued in excess of £3.8bn annually and growing, so it doesn’t take a genius to realise the void.”

The merger is, however, being looked into by Deloitte, in a bid to ascertain whether or not the planned resurrection contravenes any trademark rules.

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Related information:
Comet in administration, business for sale

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