Closing Comet stores attract bidders, DRL bids £1m for Comet website and brand

Written on:November 23, 2012
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Comet store in Shirley

Online retailers queue up to buy Comet brand

In a new development amidst closing Comet stores, white goods retailer DRL has presented a £1m bid to buy Comet website and brand, hoping to maintain competition in retail market.

Bolton-based DRL, which owns Appliances Online, sells electronic appliances such as refrigerators, freezers, washing machines and dishwashers through a website and operates white label services for high street chains.

Since Comet fell into administration, DRL has seen its revenues rise by 10%. This year, DRL is expected to register sales of more than £300m for the year to March 31. It is believed that DRL Founder John Roberts wished to make a quick deal before any further damage was inflicted upon Comet’s reputation. DRL is likely to face competition from ShopDirect, which is another contender that trying to acquire Comet.

Meanwhile, The Sun reports that a mysterious property baron has made a last-minute bid to acquire 140 of the 195 closing Comet stores, which would potentially save 2,000 jobs. The Sun reports that according to an insider, Comet’s administrators Deloitte have “accepted an outline deal”.

The Bournemouth-based tycoon is said to have links to fridges, freezers and dishwashers distributor Euronics. Other retailer such as Maplin, Dixons and Argos parent Home Retail Group are also keen to buy the closing Comet stores.

Comet store closures have begun to take effect with close to 1,000 jobs already cut, while Deloitte seeks a suitable buyer who would revive the electrical chain Comet. In the phased Comet store closure programme, more stores are slated to be closed down in the next two weeks. 735 Comet jobs have been already cut at the chain’s Rickmansworth head office, while 330 redundancies were made in the Hertfordshire headquarters and Clevedon call centre in Somerset last week.

Comet, owned by private equity group OpCapita, fell into administration this month, after suppliers demanded cash upfront for goods.

Related:
Bolton Comet stores not closing down, Scunthorpe store announces fire sale
Comet store closures result in another 735 job cuts

     

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