Comet to close doors

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The Insolvency Service has reportedly launched an investigation into the purchase and administration of Comet, which closes its stores today

Sky News has reported that the Department for Business, Innovation and Skills decided to conduct the probe into the circumstances around the process following pressure from several MPs.

This morning Robert Halfon, Conservative MP for Harlow also tweeted, “Good news, after meeting with Vince Cable and my questions in Parliament glad he initiates inquiry into Comet closure."

Today the electrical giant will close the remaining 49 stores across Britain, ending 79 years of trading.

Earlier this week Deloitte, administrators for the retailer, said in their report that unsecured creditors would receive less than 1% of the money owed to them. Deloitte’s report shows £26.2m is owed in taxes to HMRC, which is one of dozens of unsecured creditors of the retailer who are owed a total of £233m.

Comet fell into administration in November and in the absence of a buyer Deloitte has been closing stores since. The chains collapse will see 6,900 lose their jobs.

The redundancy money owed to thousands of former Comet workers totals £23.2m and will be paid by the government.

 

Raymond Doherty

 

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