Deloitte winds-up retailer Comet

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Comet stores will open their doors for the last time today, as administrators from Deloitte wind up the electrical retailer after almost 80 years in business.

The administrators confirmed the collapse will cost the UK government £49.4m.

In November, the company announced it was going into administration and called in the Big Four firm. 

Neville Kahn, Christopher Farrington and Nicholas Edwards of Deloitte were subsequently appointed as joint administrators.

Since then, only 49 stores in the 240-strong chain remained open and there have been scores of redundancies, including voluntary and involuntary layoffs. 

The Deloitte team announced in a joint administrators' statement on 17 December that unsecured creditors owed £232.9m would get back less than 1% of money owed to them.

"There will not be sufficient realisations from floating charge assets to fully repay the secured creditors," the report read. 

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About Rachael Power

Your friendly, neighbourhood community editor. 

Twitter: @rachpower10 


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