Comet investigation launched

All 49 remaining Comet stores will close today and The Department for Business, Innovation and Skills has launched an investigation into the purchase and administration of the retailer. A report by administrators Deloitte says that secured creditors including Hailey Acquisitions (the vehicle Opcapita used to buy Comet), will receive only £52 million of the £145 million which they are owed. Unsecured creditors, including HM Revenue & Customs (owed £26.2 million), are likely to receive nothing. The UK taxpayer will take a hit of £49.4 million to cover the redundancy, holiday and notice pay owed to Comet’s 6,600 workers.

Deloitte has received 118 expressions of interest in buying Comet – with four making offers – but all have been withdrawn due to the state of Comet’s finances.