Content deleted Content added
No edit summary |
No edit summary |
||
| (95 intermediate revisions by 54 users not shown) | |||
Line 1:
{{Use British English|date=September 2013}}
{{short description|Electrical online retailer}}
{{Infobox company
| name = Comet Group
| logo =
| logo_caption =
| image =
| image_caption = Logo from 2010 to 2012, and again since 2020
|
| type = Online Electrical
| industry = Online Retail
| genre =
| fate =
| founded =
2020 (relaunch)
| founder = George Hollingbery in [[Kingston upon Hull]], East Riding of Yorkshire
| defunct =
(until 2020)
| location_city = United Kingdom▼
| hq_location = Wellingborough
| location_city = [[Northamptonshire]]
| key_people = Adam Muir, Shaun Newell, Nathan Dorrington, Andy Stafford and Karl Gamble
| products = [[Major appliance|White Goods]], [[Small appliance|Brown Goods]], Telecommunications, Information technology, Home Entertainment
| owner =
| parent = Hollingbery family (1933–1984)<br>[[Kingfisher plc|Woolworth Holdings/Kingfisher]]
|
}}
'''Comet
The original company was formed in 1933 by George Hollingbery as a business charging batteries for customers on a weekly basis. The business grew and diversified into radio rentals, and the first store opened in the 1950s. Comet expanded during the 1960s and 1970s, and became a publicly listed company in 1972. The company was purchased by [[Woolworths Group (United Kingdom)|Woolworths]], owned by Paternoster Stores (later [[Kingfisher plc]]) in 1984.
In
In 2019, Misco Technologies Limited announced the acquisition of the Comet brand from administrators [[Deloitte]], and has relaunched Comet as an online retailer of electrical goods. Whilst Misco is primarily focused on servicing Business and Public sectors, the purchase of Comet has allowed them to open themselves up to the consumer market.
==History==
===Early years (
Comet was founded in [[Kingston upon Hull|Hull]] in 1933 by entrepreneur George Hollingbery as '''Comet Battery Stores'''. Hollingbery had noticed the increasing popularity of the wireless radio during the 1930s and launched a service which involved himself and one other employee charging batteries in his workshop and delivering them to customers for a small weekly fee.
By 1939, the service had expanded, to around 2,500 customers and a small fleet of vans was required for the deliveries. As customer demand grew for replacement wireless sets, Hollingbery renamed the business to '''Comet Radio Services''' and began providing a radio rental service.<ref name=Murphy/> Comet's first retail store was opened in George Street, Hull in the 1950s. Two more stores were subsequently opened in [[Bridlington]] and [[Driffield]].
George Hollingbery died in 1958, aged 55, and his son Michael took control of the business.<ref>{{Cite news|title=Former Comet chairman dies|date=17 September 2009|work=This is Hull and East Riding|url=http://www.thisishullandeastriding.co.uk/Comet-chairman-dies/story-11948033-detail/story.html|
===Pioneering the discount warehouse (1968–69)===
In 1964, the [[Resale Prices Act]] was passed in the United Kingdom, rendering all [[Resale price maintenance|resale price agreements]] 'against the public interest' unless proven otherwise. Minimum resale price maintenance (MRPM) had ensured that retailers such as Comet could only sell a product at a price determined by the manufacturer. The abolition of MRPM allowed Comet to make the transition from a small electrical retail chain in Yorkshire to a national discount retailer. In 1968, Comet opened its first [[Big-box store|out-of-town retail store]] in Hull, offering a range of 50 radio and television products.<ref name=Murphy/><ref name="Whitmore">{{Cite news|first=John|last=Whitmore|title=Comet Radiovision valued at £13.7m|work=[[The Times]]|location=London|date=3 July 1972|page=23|issue=58520}}</ref>
[[Alan Sugar]], the founder of [[Amstrad]], said later that the opening of this discount warehouse "changed the face of retailing."<ref name="Sugar">{{Cite book|title=What You See Is What You Get|first=Alan|last=Sugar|
Comet placed full page advertisements in specialist magazines and newspapers, listing their stock and the prices, which were between 15% and 45% lower than the manufacturers' recommended retail prices.<ref name=Whitmore/><ref name=Sugar/> One such advertisement in ''[[The Yorkshire Post]]'' resulted in customers "queueing around the block."<ref name=Murphy/> Sugar said: "This form of retailing signalled the demise of the small electrical shop on the street corner, which simply couldn't compete."<ref name=Sugar/>
Line 50 ⟶ 56:
In 1969, a second discount warehouse was opened in [[Leeds]], and the company was renamed '''Comet Radiovision Services'''.
===Expansion and flotation (
Between February 1971 and July 1972, another seven discount warehouses were opened, including outlets in [[Edinburgh]] and [[Birmingham]]. A further nine warehouses were expected to be operational by May 1973. Total sales from their warehouses rose from £308,000 from 1968 to 1969, to £5.3 million from 1970 to 1971.<ref name=Whitmore/>
Despite the success of its out-of-town warehouse operations, Comet continued to maintain a presence on the high street, assisted by the consumer boom of the early 1970s ("[[Anthony Barber#Chancellor of the Exchequer|the Barber Boom]]"), the introduction of [[hire purchase]] facilities, and the growth in the purchase and rental of colour television sets. Comet also traded on its after-sales service, a twice-weekly nationwide delivery service, and its ability to undercut most competitors by around 10%.<ref name=Whitmore/> Goods were sold with 12 months' free service, including parts and labour, and Comet guaranteed that it would beat "any genuine advertised price" for brand new items.<ref name="Times">{{Cite news |title= Comet |work=The Times |location=London |date=24 November 1973|page=5|issue=58947}}</ref>
In July 1972, Comet went [[Public limited company|public]] with an initial offering of 4.7 million shares at
By November 1973, Comet had established 25 discount warehouses in [[Birmingham]], Edinburgh, [[Glasgow]], [[Grimsby]], Hull, [[Jarrow]], Leeds, [[Leicester]], London, [[Norwich]], [[Newport, Wales|Newport]], [[Nottingham]], [[Oxford]], [[Reading, Berkshire|Reading]], [[Rochdale]], [[Sheffield]], [[Southampton]], [[Stockton-on-Tees]], [[Sunderland, Tyne and Wear|Sunderland]], [[Wigan]] and [[Willenhall]].<ref name=Times/>
===Budget booms and busts (
The business was impacted badly in 1974 by the [[three-day week]], tighter government controls on hire purchase and consumer credit, and the knock-on effect of a worldwide shortage of steel and plastic.<ref name="Tisdall">{{Cite news |title=Big discount traders suffer sales setback |first= Patricia |last=Tisdall |work=The Times |location=London |date=15 January 1974 |page=17 |issue=58988}}</ref>
Line 74 ⟶ 80:
Despite the fall in profits, during the 1975–1976 period, Comet continued with its expansion plans, opening new outlets across the country. By December 1976, the group had grown to 50 outlets, with plans to increase this to 100 by December 1977.<ref>{{Cite news|title=Comet grows despite big earnings decline |work=The Times |location=London|date=9 June 1976 |page=25 |issue=59725}}</ref> In July 1976, Comet acquired the '''Eclipse Radio and Television Services''' chain from Loyds Retail, a subsidiary of [[Philips]].<ref>{{Cite news|title=Philips gets £9m in sale of 155 Loyds shops|work=[[The Times]]|location=London|date=10 July 1976|page=15|issue=59752}}</ref> Consumer fears of an emergency autumn budget and changes to the [[Bank rate|Minimum Lending Rate]] drove Comet's sales to 15% above predictions in late 1976.<ref>{{cite news|title=Tax and HP fears cause sharp increase in consumer spending |first=Ronald |last=Emler|work=The Times|location=London|date=12 October 1976 |page=19 |issue=59832}}</ref>
===Bids and buy-out (
In June 1981 the Hollingbery family began to reduce its shareholdings in Comet. Valued at £51 million, the group now included 200 '''Comet Electrical''' and '''Timberland Do-It-Yourself''' outlets, a jewellery manufacturer and a supplier of '''Polarcold''' metal pressings for domestic appliance manufacturers. The family disposed of 8 million shares, raising £9.92 million. Michael Hollingbery explained: "Too much of the family wealth was concentrated in one company."<ref>{{Cite news|title=Family raises £9.9m in Comet shares sale |first=Peter |last=Wainwright |work=The Times |location=London|date=10 June 1981|page=17|issue=60950}}</ref>
In April 1984 '''Harris Queensway''' announced that it was finalising "an agreed bid" of £152 million for the Comet group.<ref>{{Cite news|title=Harris Queensway agrees £152m takeover of Comet |first=Jonathan |last=Clare |work=The Times |location=London|date=11 April 1984 |page=19 |issue=61803}}</ref> The following day, [[Woolworths Group (United Kingdom)|Woolworths]] (then owned by Paternoster Stores, forerunner of [[Kingfisher plc|Kingfisher]]) announced that it had made a £177 million counter-bid, which had been accepted.<ref>{{Cite news|title=Woolworth steps in with £177m to clinch Comet |work=The Times |location=London|date=12 April 1984 |page=17 |issue=61804}}</ref> Hollingbery retained the Comet chair after the sale, which took place in May 1984.<ref>{{cite news|title=Woolworth man steps up to implement changes|work=[[The Times]]|location=London|date=24 August 1984|page=13|issue=61918}}</ref><ref>{{Cite news |title= Woolworth Holdings Plc |work=The Times |location=London|date=13 September 1984 |page=18 |issue=61935}}</ref>
===Hostile takeover bid for Dixons (
In December 1989, Kingfisher announced a £461 million [[Takeover#Hostile takeovers|hostile takeover]] bid for [[Dixons Retail|Dixons]].<ref>{{Cite news|title=Kingfisher rounds on target Dixons|work=The Times|location=London|date=13 December 1989|page=23|issue=63576}}</ref> Dixons had acquired Currys in 1984, and Kingfisher said that if the bid was successful it would retain both brand names along with Comet.<ref>{{Cite news|title=Kingfisher in £461 m bid for Dixons Group |first=Gillian |last=Bowditch|work=The Times |location=London|date=7 December 1989 |page=25 |issue=63571}}</ref> Dixons retaliated by preparing a submission to the [[Office of Fair Trading]] (OFT) stating that a merger of Comet, Currys and Dixons would create a monopoly in out-of-town retail parks.
Line 92 ⟶ 98:
Traders in Dixons shares were able to take advantage for almost four hours until the [[London Stock Exchange|Stock Exchange]] suspended trading in both Dixons and Kingfisher. It was decided that this did not constitute [[insider trading]] as "the report had been published, albeit in error." ({{Cite news|title=MMC Blocks Kingfisher bid for Dixons|first=David|last=Brewerton|work=[[The Times]]|location=London|date=24 May 1990|page=23|issue=63714}})</ref>
===Recession and consumer crisis (
[[File:Comet - Park Road Retail Park - geograph.org.uk - 1168645.jpg|thumb|right|A typical Comet outlet, in [[Pontefract|Pontefract, West Yorkshire]].]]
In November 1990, following the merger of [[British Satellite Broadcasting]] (BSB) and [[Sky Television
In January 1995, market analysts began sounding warnings over the viability of Comet and its sister group Woolworths. Comet had made strategic errors with its home computer business, and its decision to stop selling computer games had allowed competitors to corner the market. Trading at a loss, and with considerable leasehold commitments, analysts suggested that both Comet and Woolworths, with "weak retail strategies" of "cheap and cheerful", might be sold by Kingfisher.<ref>{{Cite news|title=Exploding Comet |work=The Times |location=London |date=19 January 1995 |page=28|issue=65168}}</ref>
Line 102 ⟶ 108:
By April 1996, Dixons controlled a market share three times larger than Comet's.<ref>{{Cite news |title=Man with his finger on the fast-forward button|first=Sarah|last=Bagnall|work=The Times |location=London|date=27 April 1996|page=25|issue=65565}}</ref> In October 1996, Kingfisher bought out the struggling electrical retailer [[NORWEB]] for £29 million, and merged it with Comet.<ref>An earlier, higher, offer had been made by Kingfisher but Norweb rejected this and held out for more. Shortly after, when Norweb began offering 0% interest finance, Comet did not follow suit and directed customers who inquired about finance to use Norweb instead.
The resulting cost of the 0% promotion "crippled" Norweb, which then accepted an offer from Kingfisher lower than that initially offered. ({{Cite book |first=Roddy |last=Mullin |title=Sales promotion: how to create, implement and integrate campaigns that really work |url=https://archive.org/details/salespromotionho00mull_142 |url-access=limited |year=2010 |publisher=[[Kogan Page]] |location=London |isbn=9780749460051|page=[https://archive.org/details/salespromotionho00mull_142/page/n56 38]}})</ref><ref>{{Cite news|title=Kingfisher may swoop on Norweb|work=The Times|location=London|date=7 October 1996|page=52|issue=65703}}</ref> As part of its plan to integrate the two store groups, Comet closed 26 of its own stores and 28 Norweb stores, resulting in 1,200 redundancies.<ref>{{Cite news |title=Comet to make 1,200 redundant|first=Fraser|last=Nelson|work=The Times |location=London |date=18 January 1997|page=27|issue=65790}}</ref>
===The Wal-Mart effect (1999–2000)===
In April 1999, Kingfisher attempted a merger with [[Asda]], but was subsequently outbid by [[Walmart|Wal-Mart]], the world's largest retailer.<ref>{{Cite news|title=Kingfisher and Asda to merge|first1=Sarah|last1=Cunningham|first2=Fraser|last2=Nelson|work=[[The Times]]|location=London|date=17 April 1999|page=25|issue=66490}}</ref> The £6.7 billion acquisition "sent a ripple of fear through United Kingdom stores
Riordan oversaw the launch of a £2 million, 30,000 ft<sup>2</sup> (2,787 m<sup>2</sup>) Comet store in [[Paisley, Renfrewshire|Paisley]], described as "the blueprint to transform the industry
In July 2000, Wal-Mart, in what ''[[The Times]]'' described as "the opening shots in the assault on its British counterparts
In September 2000 Kingfisher revealed its plan to demerge into two listed companies, separating the "poorly performing" Comet and B&Q groups (provisionally called '''New Kingfisher''') from the [[Superdrug]], Woolworths and Big W chains ('''General Merchandise''').<ref>{{Cite news|title=Kingfisher stuns City with demerger plan|first=Sally|last=Patten|work=[[The Times]]|location=London|date=14 September 2000|page=23|issue=66932}}</ref> The demerger of the electricals business, including Comet and French chains '''Darty''' and '''BUT''', delayed in part by "indecision and management infighting," eventually took place in July 2003, with the group renamed [[
▲===KESA Electricals (2000–06)===
▲In September 2000 Kingfisher revealed its plan to demerge into two listed companies, separating the "poorly performing" Comet and B&Q groups (provisionally called '''New Kingfisher''') from the [[Superdrug]], Woolworths and Big W chains ('''General Merchandise''').<ref>{{Cite news|title=Kingfisher stuns City with demerger plan|first=Sally|last=Patten|work=[[The Times]]|location=London|date=14 September 2000|page=23|issue=66932}}</ref> The demerger of the electricals business, including Comet and French chains '''Darty''' and '''BUT''', delayed in part by "indecision and management infighting," eventually took place in July 2003, with the group renamed [[Darty plc|KESA Electricals]].<ref>{{Cite news|title=Kingfisher Urged to Spin Off Electrical Retail Arm|first=Joanne|last=Hart|work=[[Knight Ridder|Tribune Business News]]|date=14 November 2001|url=http://www.highbeam.com/doc/1G1-80086001.html|archive-url=https://web.archive.org/web/20140610220651/http://www.highbeam.com/doc/1G1-80086001.html|dead-url=yes|archive-date=10 June 2014|accessdate=6 November 2012}}{{Subscription required|via=[[HighBeam Research]]}}</ref><ref>{{Cite news|title=Kesa lifts hopes of recovery in French business|first=Sarah|last=Butler|work=[[The Times]]|location=London|date=18 September 2003|page=29|issue=67871}}</ref> The name originated from '''K'''ingfisher '''E'''lectricals with the SA taken from ''[[S.A. (corporation)|Société Anonyme]]'', the French equivalent of ''[[Public limited company|plc]]''.<ref>{{Cite news|title=Kingfisher's electrical arm prepares to fly the nest|work=[[Western Mail (Wales)|Western Mail]]|location=Cardiff|date=15 April 2003|url=http://www.highbeam.com/doc/1G1-100043943.html|archive-url=https://web.archive.org/web/20140610220650/http://www.highbeam.com/doc/1G1-100043943.html|dead-url=yes|archive-date=10 June 2014|accessdate=6 November 2012}}{{Subscription required|via=[[HighBeam Research]]}}</ref>
The rapid growth of [[online shopping]] during the period 2000–2003 had surprised many analysts. A 2000 report, published by the United Kingdom's [[Department of Trade and Industry (United Kingdom)|Department of Trade and Industry]], "''Clicks and Mortar: The New Store Fronts''," had forecast that United Kingdom online shopping for 2002 could range from £1.2 billion to an optimistic £6.3 billion. The actual figure for 2002 was £7 billion. During 2001–02, [[e-commerce]] electrical retailer [[dabs.com]] made sales of £116 million, which one analyst pointed out was the equivalent trade of 25 Comet stores. As dabs.com employed only 185 staff, this was described as "a rate of productivity which the mainstream retailer can only dream about."
Although Comet and other retailers established their own websites e-tailers were still able to undercut them because direct shipping of the goods from warehouses to customers cut out the need for large stores, infrastructure and sales staff.<ref>{{Cite news|title=Net effects|first=Cliff|last=Guy|date=1 January 2003|work=Town and Country Planning
In January 2005, Comet faced increasing pressure, when [[Tesco]] announced it would trial non
In September 2005, Comet posted a [[Fiscal year|second quarter]] loss of £3.3 million. Jean-Noel Labroue, KESA's chief executive, said: "Trading across our core markets since the end of July has not improved. In view of the continuing decline in consumer confidence across all our markets, we do not anticipate any changes to these conditions in the immediate future."<ref>{{Cite news|title=Further strife on the high street led by weak Kesa|work=[[The Scotsman]]|location=Edinburgh|date=29 September 2005|first1=David|last1=Black|first2=Martin|last2=Flanagan}}</ref> A management buy-out negotiation reached "an advanced stage" but was ultimately abandoned.
===Global economic crisis (
[[File:Comet on Briggate.jpg|thumb|right|In the late 2000s, Comet experimented with High Street branches such as this on [[Briggate]] in [[Leeds]]. They were closed shortly afterwards.]]
{{Details|2007–2012 global economic crisis}}
In September 2007, at the beginning of the [[Financial crisis of 2007–2008|financial crisis]], KESA warned that its prospects in the United Kingdom were "uncertain" as the [[credit crunch]] and higher interest rates could lead to consumers cutting back their spending on new electrical products. Analysts at [[Landsbanki]] said: "[W]e see serious long run threats to electrical retailing from the growth of the internet, the proliferation of competition and the resultant downward pressure on prices and margins."<ref>{{Cite news|title=Kesa fears credit crisis will hurt high street spending|work=[[The Independent]]|location=London|date=27 September 2007|url=http://www.highbeam.com/doc/1P2-7619723.html|archive-url=https://archive.today/20130125063949/http://www.highbeam.com/doc/1P2-7619723.html|
[[File:Comet and Currys in Guiseley.jpg|thumb|right|A Comet branch next to rivals [[Currys]] in [[Guiseley]], [[West Yorkshire]].]]
In June 2009, KESA posted a pre tax loss of £81.8 million in the 12 months to 30 April 2009, compared to a profit of £128.8 million in the previous year. Over the same period, Comet's retail profit fell by 76.5% to £10.1 million.<ref>{{Cite news|title=Crunch sees Comet-owner Kesa plunge into the red|work=[[Birmingham Post]] |date=25 June 2009 |
In September 2010, a new logo was launched, similar to the previous logo, but "softer" in design. The Comet name was in lowercase, and accompanied by a new [[Advertising slogan|strapline]], "Come and Play". The branding aimed to project a more fun and friendly image, and customers were encouraged to come into the store to try out interactive displays.<ref>{{cite news|work=Marketing Week|title=Comet repositions around lifestyle|first=Rosie|last=Baker|date=10 September 2010|url=http://www.marketingweek.com/2010/09/10/comet-repositions-around-lifestyle/|
▲In June 2009, KESA posted a pre tax loss of £81.8 million in the 12 months to 30 April 2009, compared to a profit of £128.8 million in the previous year. Over the same period, Comet's retail profit fell by 76.5% to £10.1 million.<ref>{{Cite news|title=Crunch sees Comet-owner Kesa plunge into the red|work=[[Birmingham Post]] |date=25 June 2009 |url= https://www.questia.com/read/1G1-202333582|accessdate=7 November 2012}}{{Subscription required|via=[[Questia Online Library]]}}</ref> In April 2010, United States-based [[Best Buy]], the world's largest electrical goods retailer, opened its first store in [[Thurrock]], Essex, with a plan to open one hundred out-of-town warehouses over the following four years.<ref>{{Cite news|title=Best Buy opens first British shop but postpones website launch |work=The Independent |location=London|date=29 April 2010 |last=Thompson |first=James |url= https://www.independent.co.uk/news/business/news/best-buy-opens-first-british-shop-but-postpones-website-launch-1957329.html?origin=internalSearch |accessdate=18 November 2012}}</ref> The arrival of such a large competitor was described by market analysts as "the biggest retail showdown since... Wal-Mart bought Asda."<ref>{{Cite news |title= How to sell the American way |work=Daily Mail |location=London|date=21 April 2010 |url= http://www.dailymail.co.uk/money/markets/article-1692884/City-Focus-How-to-sell-the-American-way.html |accessdate=18 November 2012 |author=Steiner, Rupert}}</ref>
Higher taxes, wage freezes and the rising cost of food and essential purchases combined to keep [[consumer spending]] on discretionary purchases low and in June 2011 Comet posted a loss – its first in 16 years – of £8.9 million.<ref>{{Cite news|title=Kesa Electricals considering sale of loss-making Comet business|work=[[The Herald (Glasgow)|The Herald]]|location=Glasgow|date=23 June 2011|first=Douglas|last=Hamilton|url=http://www.highbeam.com/doc/1P2-28980056.html|archive-url=https://web.archive.org/web/20140611030844/http://www.highbeam.com/doc/1P2-28980056.html|
▲In September 2010, a new logo was launched, similar to the previous logo, but "softer" in design. The Comet name was in lowercase, and accompanied by a new [[Advertising slogan|strapline]], "Come and Play". The branding aimed to project a more fun and friendly image, and customers were encouraged to come into the store to try out interactive displays.<ref>{{cite news|work=Marketing Week|title=Comet repositions around lifestyle|first=Rosie|last=Baker|date=10 September 2010|url=http://www.marketingweek.com/2010/09/10/comet-repositions-around-lifestyle/|accessdate=25 April 2015}} {{subscription required}}</ref>
In November 2011, in the same week that Best Buy announced that it was closing its eleven United Kingdom stores due to "tough conditions," KESA announced that it had sold Comet to investment firm [[OpCapita]] for a nominal £2. KESA would also provide a £46.8 million 'dowry' of working capital, and retain all the pension liabilities for employees on pre-existing defined benefit schemes.<ref>{{Cite news|title=Rude awakening from Best Buy's big dream |work=The Independent |location=London |date=8 November 2011 |last=Thompson |first=James |url= https://www.independent.co.uk/news/business/analysis-and-features/rude-awakening-from-best-buys-big-dream-6258772.html?origin=internalSearch |
▲Higher taxes, wage freezes and the rising cost of food and essential purchases combined to keep consumer spending on discretionary purchases low and in June 2011 Comet posted a loss – its first in 16 years – of £8.9 million.<ref>{{Cite news|title=Kesa Electricals considering sale of loss-making Comet business|work=[[The Herald (Glasgow)|The Herald]]|location=Glasgow|date=23 June 2011|first=Douglas|last=Hamilton|url=http://www.highbeam.com/doc/1P2-28980056.html|archive-url=https://web.archive.org/web/20140611030844/http://www.highbeam.com/doc/1P2-28980056.html|dead-url=yes|archive-date=11 June 2014|accessdate=8 November 2012}}{{Subscription required|via=[[HighBeam Research]]}}</ref> The "brutal consumer recession" had, said retail analyst Neil Saunders, left the market "in quite a steep decline and with consumers not buying in the way they had the previous decade."
Two weeks before the firm entered administration, OpCapita announced they were exploring options to sell the chain, after only twelve months of ownership.<ref>{{cite web|work=BBC News|url=https://www.bbc.co.uk/news/business-20001314|title=Comet owner OpCapita 'exploring sale'|date=19 October 2012|
▲In November 2011, in the same week that Best Buy announced that it was closing its eleven United Kingdom stores due to "tough conditions," KESA announced that it had sold Comet to investment firm [[OpCapita]] for a nominal £2. KESA would also provide a £46.8 million 'dowry' of working capital, and retain all the pension liabilities for employees on pre-existing defined benefit schemes.<ref>{{Cite news|title=Rude awakening from Best Buy's big dream |work=The Independent |location=London |date=8 November 2011 |last=Thompson |first=James |url= https://www.independent.co.uk/news/business/analysis-and-features/rude-awakening-from-best-buys-big-dream-6258772.html?origin=internalSearch |accessdate=8 November 2012}}</ref><ref>{{Cite news |title=Struggling Comet electrical chain is sold for a token £2 |work=[[Belfast Telegraph]] |date=9 November 2011|first=Peter|last=Cripps|url=http://www.highbeam.com/doc/1P2-30046592.html|archive-url=https://web.archive.org/web/20140611030845/http://www.highbeam.com/doc/1P2-30046592.html|dead-url=yes|archive-date=11 June 2014|accessdate=8 November 2012}}{{Subscription required|via=[[HighBeam Research]]}}</ref><ref>{{Cite news |title=Kesa: losses will not affect sale of Comet |work=The Independent |location=London |date=8 December 2011 |last=Bawden |first=Tom |url= https://www.independent.co.uk/news/business/news/kesa-losses-will-not-affect-sale-of-comet-6273792.html?origin=internalSearch |accessdate=18 November 2012}}</ref>
▲Two weeks before the firm entered administration, OpCapita announced they were exploring options to sell the chain, after only twelve months of ownership.<ref>{{cite web|work=BBC News|url=https://www.bbc.co.uk/news/business-20001314|title=Comet owner OpCapita 'exploring sale'|date=19 October 2012|accessdate=20 September 2016}}</ref>
==Administration and closure==
On 1 November 2012, Comet announced it was filing for [[Administration (law)|administration]], and entered administration the following day. [[
After the announcement, the Comet website became unavailable to visitors<ref name="Comet website down as chain confirms administration">{{cite news|title=Comet website down as chain confirms administration|url=http://crave.cnet.co.uk/gadgets/comet-website-down-as-chain-confirms-administration-50009668/|work=CNET|author=Trenholm, Rich|date=2 November 2012|access-date=9 November 2012|archive-url=https://web.archive.org/web/20121103232211/http://crave.cnet.co.uk/gadgets/comet-website-down-as-chain-confirms-administration-50009668/|archive-date=3 November 2012|url-status=dead}}</ref> until 3 November 2012, when a ''liquidation sale'' promotion was published.<ref name="Comet website">{{cite web|title=Comet|url=http://www.comet.co.uk|publisher=Comet Group|access-date=9 November 2012|archive-url=https://web.archive.org/web/20121031075026/http://www.comet.co.uk/|archive-date=31 October 2012|url-status=dead}}</ref> The new website gave details of store locations, but the [[e-commerce]] system was no longer available. On 8 November 2012, at 09:00, Comet stores started their final liquidation stock sale.<ref>{{cite web|title=Comet gears up for 'fire sale' |url= https://www.theguardian.com/business/2012/nov/07/comet-fire-sale |author1=Schimroszik, Nadine |author2=Wood, Zoe |newspaper=The Guardian |location =London |date=7 November 2012|access-date=8 November 2012}}</ref> Also, as of 8 November, Comet was accepting again all of its own gift cards excluding corporate customers.<ref>{{cite web |url=http://storage.comet.co.uk/www/splash/html/vouchers.htm |title=Comet Gift Card Status |publisher=Comet Group |access-date=8 November 2012 |archive-url=https://web.archive.org/web/20121110031744/http://storage.comet.co.uk/www/splash/html/vouchers.htm |archive-date=10 November 2012 |url-status=dead }}</ref>
In June 2014, former staff, represented by the [[Union of Shop, Distributive and Allied Workers]] and the [[United Road Transport Union]], won an [[Employment Tribunal]] case that they had not been consulted properly about redundancy by Comet and the administrators,
Three administrators from Deloitte were referred to the [[Institute of Chartered Accountants in England and Wales|accountancy regulator]] by the [[Insolvency Service]] over the failure to consult properly about redundancy, which led to government costs of about £26 million for redundancy payments.<ref name="independent-20140725">{{cite news |url=https://www.independent.co.uk/news/business/news/deloitte-administrators-referred-to-accountant-regulator-over-comet-collapse-9629400.html |title=Deloitte administrators referred to accountant regulator over Comet collapse |author=Simon Neville |newspaper=The Independent |date=25 July 2014 |
▲In June 2014, former staff, represented by the [[Union of Shop, Distributive and Allied Workers]] and the [[United Road Transport Union]], won an [[Employment Tribunal]] case that they had not been consulted properly about redundancy by Comet and the administrators, [[Deloitte]]. This enabled about 7,000 former staff to apply for redundancy financial assistance.<ref>{{cite news |url=http://www.walesonline.co.uk/business/business-opinion/bethan-darwin-employment-tribunal-ruling-7273033 |title=Bethan Darwin on the employment tribunal ruling that Deloitte had failed to sufficiently consult with Comet staff made redundant |first=Bethan|last= Darwin |work=WalesOnline |date=16 June 2014 |accessdate=23 June 2014}}</ref> Accounting records suggested that the owners, including [[OpCapita]] and [[Elliott Management Corporation|Elliott Advisors]], recovered about £117 million from Comet, and administration fees were more than £10 million.<ref name="telegraph-20140612">{{cite news |url=https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/10896084/Comet-staff-win-multi-million-pound-payout.html |title=Comet staff win multi-million pound payout |author=Graham Ruddick |newspaper=Daily Telegraph |date=12 June 2014 |accessdate=23 June 2014}}</ref><ref name="guardian-20140613">{{cite news |url=https://www.theguardian.com/business/2014/jun/13/comet-workers-win-employment-case-redundancy |title=Former Comet workers win 90 days' pay in redundancy employment case |first=Sarah |last=Butler |work=The Guardian |date=13 June 2014 |accessdate=23 June 2014}}</ref><ref name="guardian-20140622">{{cite news |url=https://www.theguardian.com/business/2014/jun/22/deloitte-could-face-prosecution-comet-redundancies |title=Deloitte could face prosecution over Comet redundancies |first=Sarah |last=Butler |work=The Guardian |date=22 June 2014 |accessdate=23 June 2014}}</ref>
==Successor==
▲Three administrators from Deloitte were referred to the [[Institute of Chartered Accountants in England and Wales|accountancy regulator]] by the [[Insolvency Service]] over the failure to consult properly about redundancy, which led to government costs of about £26 million for redundancy payments.<ref name="independent-20140725">{{cite news |url=https://www.independent.co.uk/news/business/news/deloitte-administrators-referred-to-accountant-regulator-over-comet-collapse-9629400.html |title=Deloitte administrators referred to accountant regulator over Comet collapse |author=Simon Neville |newspaper=The Independent |date=25 July 2014 |accessdate=25 July 2014}}</ref><ref>{{cite news |url=http://www.accountancyage.com/aa/news/2361174/deloitte-accused-of-costing-taxpayers-gbp50m-for-botched-administrations |title=Deloitte accused of costing taxpayers 50m for botched administrations |author=Richard Crump |newspaper=Accountancy Age |date=20 August 2014 |accessdate=5 April 2015}}</ref>
The UK Computer Group bought the rights to the Comet brand and the website from the liquidators [[Deloitte]] in December 2019.<ref>{{cite web |last1=Wright |first1=Tom |title=Exclusive: UK Computer Group to revive Comet brand |url=https://www.channelweb.co.uk/news/4008081/exclusive-uk-computer-group-revive-comet-brand |website=[[CRN (magazine)|CRN]] |access-date=17 August 2020 |language=en |date=11 December 2019}}</ref> In July 2020, they promised a relaunch on social media.{{Citation needed|date=September 2020}} In August 2020 the Comet website was relaunched as a trading name of [[Misco|Misco Technologies]].<ref>{{Cite web|date=2020-08-10|title='We want to do with Comet what we have done with Misco' {{!}} CRN|url=https://www.channelweb.co.uk/news/4018819/comet-misco|access-date=2020-11-11|website=www.channelweb.co.uk|language=en}}</ref> All former Comet stores remain closed and there are no known plans to reopen any physical locations.<ref>{{Cite web|title=Do you remember Comet? It's back - but for online sales only|url=https://www.oxfordmail.co.uk/news/18647997.comet-back-online-sales-teams-bicester-agency-digital-gearbox/|access-date=2020-11-11|website=Oxford Mail|date=13 August 2020 |language=en}}</ref>
==
{{reflist
==External links==
* {{official|https://www.comet.co.uk/}}
* {{cite web |url=http://www.cometinformation.co.uk |title=Administration notice and contact details |year=2018 |
{{Commons category|Comet Group}}
{{Kingfisher Plc}}
▲{{Use dmy dates|date=September 2013}}
[[Category:Consumer electronics retailers of the United Kingdom]]
[[Category:Companies based in Kingston upon Hull]]
[[Category:Retail companies established in 1933]]
[[Category:Defunct retail companies of the United Kingdom]]
[[Category:Retail companies disestablished in 2012]]
[[Category:
[[Category:
[[Category:Companies that have entered administration in the United Kingdom]]
[[Category:1984 mergers and acquisitions]]
[[Category:2003 mergers and acquisitions]]
[[Category:2011 mergers and acquisitions]]
| |||
