Comet left HMRC with a £50m bill when it collapsed

Former Comet owner hopes to buy back retailer’s tax losses

Former Comet owner Hailey Acquisitions could profit from the retailer’s tax losses.

The Mail on Sunday reports that Hailey Acquisitions could use £27m of Comet’s tax losses to offset its own profits.

When Comet collapsed it left HMRC with a £50m bill, but it is thought that its former owner has made more than £50m from its involvement.

It is possible that a business which has lost money one year can offset the hit against profits the following year, although it is becoming more difficult in recent years.

KESA sold Comet to investment firm OpCapita in September 2011 for just £2 (Hailey Acquisitions was the vehicle set up by OpCapita and other investors to acquire Comet). A little over a year later, Comet when into administration, where hundreds of employees were made redundant. Although there were rumours that Comet stores would be bought up, all stores closed on December 18th 2012.

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