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03 February 2012 11:15
After protracted negotiations with suppliers, the deal to sell Comet to turnaround specialists OpCapita could well be wrapped up today. The now infamous £2 sale of the 248-store firm by Kesa Electricals has proven a far from easy needle to thread, despite Kesa's pledge to invest £50 million into the business and its pledge to take on Comet's pension scheme.
Suppliers continuing support for Comet was called into question after trade credit insurers, who protect suppliers against the risk of a retailer defaulting on payments, placed the electricals chain under review. Lengthy talks have been held to quiet any such fears including, it is believed, an intervention by former Dixons boss John Clare who is set to before the Comet chairman once the sale is completed.
Despite the difficulties getting the deal finalised and the struggle Comet has faced in an unforgiving market, Mr Clare was relatively optimistic about its future, telling the Daily Telegraph: "I can see a real opportunity. This is not about doing a pre-pack or closing stores. This is about focusing on margin improvement, cost structure and cash management."
