London jobs affected by expected Comet collapse

09:27 01 November 2012


Comet's collapse would threaten thousands of jobs. File picture: Andrew Milligan/PA Wire

Electricals chain Comet is expected to confirm it is on the brink of administration today in a move which will threaten thousands of jobs in London.

It was bought for a nominal £2 by investment firm OpCapita earlier this year but has been unable to secure the trade credit insurance needed to safeguard suppliers.

Restructuring specialist Deloitte has reportedly been lined up for the administration and will begin by attempting to secure buyers for the company’s 240 stores.

The move raises the prospect of a pre-Christmas rush for discounted stock as the administrator looks to wind down supplies and raise cash for creditors.

The high street electricals market in the UK has come under huge pressure as cash-strapped shoppers put off purchases of big-ticket items such as TVs and large appliances and online rivals take a bigger slice of the sector.

America’s Best Buy recently pulled the plug on 11 giant electricals stores after failing to make inroads into the UK market.

Sign up for our news alerts today!

Our editors' picks for the day's top news delivered to your inbox or phone.

Sign up for email alerts Sign up for mobile alerts
2 3 4 5 6

Latest business news

Wednesday, November 25, 2015
Aerial view of proposed Rotherhithe Bridge [image: reForm Architects]

Plans to build a new bridge across the Thames between Canary Wharf and Rotherhithe on either side have reached completion in a new feasibility study.

The proposed ‘Rotherhithe Bridge’ would have the longest bascule span in the world, at 600ft (184m), for use by pedestrians and cyclists.

Tuesday, November 17, 2015
Williams Butchers in Balgores Lane, Gidea Park,  has won the London and South East traditional sausage award as part of British Sausage Week

It’s official, the best sausages in London and the South East comes from an east London butchers – using a secret recipe from 1931.

Friday, October 30, 2015
Customers say Barclays systems are down (Picture: PA Images)

Barclays said it is ‘investigating urgently’ after customers were unable to access online banking, take cash out or buy things in stores for hours on Friday afternoon.

Friday, October 16, 2015
A high court decision is set to have a big impact on the future of Uber in London (Picture: PA Images)

The High Court has ruled that smartphone apps like Uber are not taximeters - meaning that the tech company has not broken rules that say only licenced black cabs can use such devices.

Monday, October 5, 2015
The scene at today's protest (Photo: Garry Stephen White)

A protest by black cab drivers has again caused gridlock in London as cabbies take to the streets in their long-running battle with Transport for London over the way private hire vehicles, including Uber, are regulated.

Friday, October 2, 2015
We tested the system by entering fictitious details

It has been revealed that Uber’s petition to TfL contains fake signatures, with social media users signing up as ‘Mickey Mouse’ and other fictional alter egos.


MAC Makeup

MAC are renowned for their flawless, fabulous make up that is used worldwide by the stars. You too can have the chance to have the perfect makeup to suit your needs with £1,000 to spend on all the glam goodies you like!

Read more

You are never far from an Argos, wherever in the country you may be. They are like a magical cavern where whatever you need they seem to have it out the back behind the counter. So why not put them to the test with this great MyOffers competition to win £1000 to spend in-store.

Read more

London Bloggers

Saturday, September 26, 2015
Vintage Salt

Vintage Salt, in Liverpool Street, is wonderfully atmospheric, like stepping back into a dining room at a period seaside resort.

Friday, September 25, 2015
Pickled sardines

On a dreary main road where high rise flats line the horizon Rootdown restaurant stands next to a busy roundabout.