Comet sells for £2

Promise of £50 million investment to come
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Electricals chain Comet has been sold for a mere £2, although parent firm Kesa has said it will give the new owners - private-equity house OpCapita - an additional £50 million investment. It will also retain liability for Comet's current benefit pension scheme.

The Guardian reports that OpCapita has no immediate plans to make redundancies or to start a significant store closure program.

Kesa had been considering options for Comet since June, so this sell-off is not unexpected. Comet has just posted a sales fall of 19 per cent for Q2.

The sale of Comet for £2 follows soon after the news that Best Buy UK is to close. It seems it's an interesting time for big box retail.

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