Buyer sought for Comet after retailer enters administration

JOINT administrators at high street retailer Comet, which went into administration at the weekend, have said one of their main priorities is to find a buyer for the struggling business.

Neville Kahn, Nick Edwards and Chris Farrington of Deloitte have been appointed to the electrical goods chain, which was founded in Hull.

Comet operates out of 236 stores across the UK, and employs 6,611 people. It has around 25 stores in Yorkshire.

Mr Kahn said: “Comet has been battling the changing landscape of the electrical retail sector for many years. It has become increasingly difficult for it to compete with online retailers which don’t face the same overheads such as store rents and business rates.

“Our immediate priorities are to stabilise the business, fully assess its financial position, and begin an urgent process to seek a suitable buyer which would also preserve jobs.

“In the meantime, all stores will continue to trade and all employees will continue to be paid. We appreciate the cooperation and support from the management, staff, customers, landlords and suppliers at what is clearly a very difficult time.”

Deloitte “temporarily suspended” Comet gift cards and vouchers after being appointed.

Private equity firm OpCapita bought Comet last year for £2.