Government to investigate Comet collapse

Cable's Department for Business Innovation and Skills is to investigate fees paid by Comet to OpCapita, even though the business was on the verge of collapse.

It is thought that Comet paid some £12.8m over nine months. The Halley Acquisitions Limited vehicle used to acquire the chain received £11.5m in interest and £1.3m in quarterly monitoring fees according to administrator Deloitte.

Many of Comet's employees who have been made redundant have been angered by the revelations. The collapse of Comet is thought to have left a £60m hole in Halley's balance sheet, though some of this may consist of the £50m dowry paid by previous owner Kesa Electricals at the time of the acquisition.

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• Topics
• UK / Ireland
• Restructuring
• United Kingdom