UNQUOTE

Comet to go into administration

  • Greg Gille
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Private equity owner OpCapita – which bought troubled electronic goods retailer Comet earlier this year for a nominal £2 - has reportedly called in Deloitte to handle the administration process for the UK-based company.

Comet suffered a cash crunch while stocking up for the Christmas season without credit insurance to protect its suppliers, the Financial Times reported on Wednesday. Close to 6,000 jobs could now be in jeopardy.

OpCapita has reportedly received unsolicited approaches from UK-based and overseas retailers to buy the business recently. It acquired Comet from Kesa Electricals – now Darty – in February for a nominal £2; the seller is understood to have given OpCapita a £50m dowry as part of the deal.

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