THE backers of Comet could emerge from the electrical retailer’s collapse with up to £60 million, while 6,600 staff jobs remain at risk, it has been claimed.
Industry sources say OpCapita, the investor turnaround group that bought the distressed Comet for just £2 in February, is said to be in line to get the bulk of any proceeds raised through the company’s liquidation following its plunge into administration on Friday.
Any OpCapita return from the Comet deal will be seen as controversial as the private equity firm’s owner, Henry Jackson, also owned retailer MFI shortly before it collapsed, and managed to extract a profit for investors then as well.
It is understood that OpCapita and its investors will keep Triptych, an insurer based in the Caribbean. The Comet warranties business is believed to have contributed £30m in profits in 2011. OpCapita said: “Triptych was acquired by Comet’s holding company, which is not going into administration.”
OpCapita is said to have put in place a structure that makes sure it ranks above other creditors to Comet, including customers who have already paid deposits for goods. The turnaround group is thought to have injected at least £120m into Comet, including a £50m “dowry” from the chain’s previous owner.
Meanwhile, rival Appliances Online is working with white goods manufacturers in a bid to launch a rescue package to help the estimated 50,000 customers who have not yet received goods from Comet to get their purchases by Christmas.