London jobs affected by expected Comet collapse

09:27 01 November 2012

Comet

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.

Latest Stories

Moorgate station was evacuated this evening after a 'security alert' causing delays on the Tube network (Photo by Sion Touhig/Getty Images)

There are severe delays on the Tube in central London tonight after a ‘security alert’ shut Moorgate Underground station with passengers evacuated and trains stopped in tunnels.

Read more
Ruislip was hit with torrential rain overnight leaving the town centre badly flooded this morning (Picture: Twitter/@souvikdash)

The Monday morning commute is not exactly most people’s idea of a good time but it was made a lot worse for those in west London this morning after flash flooding.

Read more
This Vauxhall Corsa flipped over and landed on its roof this morning in Lambeth. Shocked Twitter users captured the scene [Photo courtesy of @k111777]

A car has flipped over dramatically on Brixton Road, Lambeth.

Read more

TOP Stories

Moorgate station was evacuated this evening after a 'security alert' causing delays on the Tube network (Photo by Sion Touhig/Getty Images)

There are severe delays on the Tube in central London tonight after a ‘security alert’ shut Moorgate Underground station with passengers evacuated and trains stopped in tunnels.

Ruislip was hit with torrential rain overnight leaving the town centre badly flooded this morning (Picture: Twitter/@souvikdash)

The Monday morning commute is not exactly most people’s idea of a good time but it was made a lot worse for those in west London this morning after flash flooding.

This Vauxhall Corsa flipped over and landed on its roof this morning in Lambeth. Shocked Twitter users captured the scene [Photo courtesy of @k111777]

A car has flipped over dramatically on Brixton Road, Lambeth.

Promotions

Renault-Zoe

The Renault ZOE follows on from the introduction of the electric Fluence ZE and Twizy, but unlike the former, the Zoe was designed from the ground up as an electric vehicle.

When no simple way to find Real Ale was at hand, 4 Ale enthusiasts got together to allow anyone with a smart phone to find Real Ale no matter where they happened to be, this was the birth of the Perfect Pint app.

London24 have partnered up with The Week magazine to offer you a complimentary issue – delivered free to your door.

London Bloggers

Thursday, July 24, 2014
London comedians are preparing for Edinburgh (Photo by Jeff J Mitchell/Getty Images)

During these sultry July afternoons and endless balmy evenings the nervous musings of young comedians in London drift to dreams of triumph on the Edinburgh stage.

Thursday, July 24, 2014
Punchdrunk's The Drowned Man poduction came to an end on Sunday, July 6

If you’ve been wandering around bereft of purpose, a wet-eyed stare fixed on your blank face, then no doubt you too are as gutted as I am that The Drowned Man has finally come to an end.

Thursday, July 24, 2014
(Photo by Joern Pollex/Getty Images)

We’ve been called P.I.G.S.

Quizzes

Test your London musical knowledge with our album quiz (Images via Getty)

Does your music knowledge stretch from The Rolling Stones to Rudimental, Spandau Ballet to Siouxsie and the Banshees? If so then test it out with our London bands quiz:

Read more
How much do you really know about QPR legends like Les Ferdinand? Picture: Neal Simpson/EMPICS Sport

Test your knowledge of QPR’s greatest players with our fantastic legends quiz.

Read more
Quiz-1

Do you know your Lock Stock from your Long Good Friday, Sliding Doors from Shakespeare in Love?

Read more