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Comet Group sold for £2

Electrical retailer Comet Group has been sold by its owner Kesa Electricals for £2.

GENERAL MERCHANDISE

Comet Group sold for £2

Comet is being bought by a group of companies under the name "Hailey", advised by retail turnaround specialists OpCapita.

As part of the deal, Kesa will be invest £50 million in Hailey and retain the liability for the Comet pension scheme.

David Newlands, chairman of Kesa Electricals, said: "In June 2011, the board decided to explore strategic alternatives for Comet in parallel with implementing the turnaround plan focused on restoring profitability at Comet over the medium term.

"Having concluded the review of its strategic alternatives, the board believes that a disposal on the terms agreed with the purchasers is in the best interests of ordinary shareholders and delivers a more certain outcome than continuing with the turnaround plan."

Kesa said that Comet is expected to make a loss of £22.3 million in the six months to end October.

Comet, which was put up for sale in the summer, operates 248 stores in the UK and employs 10,000 people.

 

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