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

King's Cross underground station was shut after 'loose concrete' was found in the roof this morning (Picture: Chris Radburn/PA Wire)

Commuters were hit with massive disruption to the Tube network this morning after King’s Cross was evacuated due to ‘loose concrete in the roof’.

Read more
This Scorpion sub-machine gun was found with a silencer and live ammunition [Photograph from Metropolitan Police]

A sub-machine gun complete with live ammunition has been taken off the streets of London.

Read more
Three people were injured when the black cab crashed outside the Old Bailey  (Photo by Oli Scarff/Getty Images)

Three people have been rushed to hospital after a taxi driver crashed into a pedestrian and a cyclist outside the Old Bailey on Tuesday evening.

Read more

TOP Stories

King's Cross underground station was shut after 'loose concrete' was found in the roof this morning (Picture: Chris Radburn/PA Wire)

Commuters were hit with massive disruption to the Tube network this morning after King’s Cross was evacuated due to ‘loose concrete in the roof’.

This Scorpion sub-machine gun was found with a silencer and live ammunition [Photograph from Metropolitan Police]

A sub-machine gun complete with live ammunition has been taken off the streets of London.

Three people were injured when the black cab crashed outside the Old Bailey  (Photo by Oli Scarff/Getty Images)

Three people have been rushed to hospital after a taxi driver crashed into a pedestrian and a cyclist outside the Old Bailey on Tuesday evening.

Promotions

Advanced running and training technology for beginners up to elite athletes

If you’re thinking of adding running treadmill to your fitness routine, you’re on the right track! There are several advantages to running on a treadmill versus running outdoors.

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.

London Bloggers

The cast, including Josie Lawrence and Mike Myers

Simon Collins catches up with the improv impresarios, who despite being the world’s longest-running comedy show with the same cast, have lost none of the razor-sharp wit:

Monday, September 1, 2014
Do you really need an explanation for that?! (Pic by Serena Marinelli)

If you’ve ever seen an Italian movie, you would probably know how important body language is in the culture.

Tuesday, August 26, 2014
Don't waste any of your harvest

If you are now inundated with ripe tomatoes, juicy green beans, berries and herbs, don’t leave them to go stringy or mouldy because the freezer can go a long way to making your crops last well into winter.

Quizzes

Do you fancy yourself as a football ground know-it-all? Try our devilishly difficult quiz!

How well do you know your football stadiums? This brand new quiz from London24 will seperate the men from the boys...

Read more
Do you know your Thames truths from the porkie pies? (Photo by Mike Hewitt/Getty Images)

So, you live (or work) in London, and you think you know the river well.

Read more
Diego Costa of Chelsea exchanges words with Cesc Fabregas (Photo by Chris Brunskill/Getty Images)

Chelsea have made several personnel changes over the course of the summer as they look to mount a squad that can challenge for the title.

Read more