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Articles about Kesa Electricals

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Kesa shells out £50m to offload Comet

Kesa Electricals has coughed £50m to exit its loss-making UK retail arm Comet, with private equity firms Hailey Holdings and Hailey Acquisitions taking on the 248-strong chain. Under the terms of the deal, which is subject to shareholder approval, the buyers – who were advised by private equity house OpCapita – will pay a …
Paul Kunert, 09 Nov 2011

Have PIXmania. In fact, have £59m with it too, Dixons tell German VCs

Dixons Retail has forked out £59m to convince German venture capitalist mutares AG to take loss-making web shop PIXmania off its hands. And so ends the retail firm's costly flirtation with the online gadget souk seven years after it coughed €266m for a 77 per cent stake in the biz and a little over a year after it bought the …
Paul Kunert, 27 Sep 2013
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Comet brand yanked from its grave: Tycoon vows to open EIGHTY new stores

Electronics retail entrepreneur Clive Coombes is trying to revive the Comet brand name by launching 80 stores over the next two years - and is looking for foolhardy brave investors to support him. In his blog, written in the third person, Coombes, who tried but failed to buy Comet from administrator Deloitte, revealed he has …
Paul Kunert, 19 Aug 2013
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Current Comet owner hit with half year loss

Kesa Electricals, the for-the-moment owner of UK retailer Comet, has announced a loss for the first six months of the fiscal year, as consumer appetite for big electronics flags. The group made a loss before tax of €147.7m in the six months to the end of October this year, compared to a profit of €27.2m in the same period of …
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Major Comet investor backs sale

Major Kesa Electricals' shareholder Knight Vinke will back the proposed sale of ailing retailer Comet providing it can be signed and sealed quickly with a decent return for investors. According to reports last weekend, the near 20 per cent stakeholder asked Comet parent Kesa to shelve plans to flog the business, which reported …
Paul Kunert, 06 Jul 2011
The Register breaking news

Comet owner boosted by closure rumours

Kesa Electricals – the owner of Comet – has seen its shares jump almost 8 per cent today, on rumours that it may close the UK chain Comet and return to its roots in France. Kesa said last week that UK trading had been poor, while French revenue, through the Darty chain, was up 5 per cent despite the downturn. Group like-for-like …
John Oates, 16 May 2011
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Comet can't sell anything, including itself

Kesa Electricals has vowed to determine the future ownership of UK subsidiary Comet before Christmas, having failed so far to flog the business to interested parties. The European retailer today filed numbers for its fiscal first quarter – from the start of May to the end of July – with group sales down 10 per cent. However …
Paul Kunert, 15 Sep 2011
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Comet administrator Deloitte triggers ejector seats under 330 staff

Comet administrator Deloitte has swung the axe for the first time since it was brought in to take control of operations with 330 support staff getting the chop. Biz advisory outfit Deloitte confirmed 99 staff at the Rickmansworth HQ, 53 from the operation in Hull and 42 in the call centre in Clevedon were told of their fate on …
Paul Kunert, 12 Nov 2012
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Comet sheds 450 jobs in biz survival struggle

Laid-up retailer Comet plans to axe 450 engineering and support workers, slashing costs and safeguarding "the long-term viability of the business", it said. The firm was finally sold a week ago to private equity house Op Capita for £2 with former parent Kesa Electricals also coughing £63m for a dowry, some £13m more than was …
Paul Kunert, 10 Feb 2012
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Ailing Comet at last prayers: Cawing of accountants and VCs fills air

Beleaguered bricks and mortar retailer Comet is lurching toward administration with Deloite understood to be waiting in the wings. Parent Kesa Electricals offloaded Comet to OpCapita in November 2011 for a nominal fee of £2 but it was forced to hand over a £63m dowry for working capital purposes and retain the pension scheme. …
Paul Kunert, 01 Nov 2012
The Register breaking news

Comet 'sold 94,000 pirate Windows CDs', claims Microsoft

Microsoft has accused high-street retailer Comet of pirating 94,000 Windows Vista and Windows XP recovery CDs and selling them to consumers. The software giant announced this morning that it had filed a suit against Comet Group PLC, accusing the group of manufacturing counterfeit discs at a factory in Hampshire and selling them …
Gavin Clarke, 04 Jan 2012
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UK gov probes Comet crash: Public, private sectors LOST £257m

The Department for Business, Innovation and Skills plans to probe the administration of Comet, whose collapse has left the private and public sector out of pocket to the tune of £257m. The Insolvency Service is to launch the investigation after receiving numerous complaints from MPs just as the doors close on Comet's last 49 …
Paul Kunert, 18 Dec 2012
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Hungry bidders pick up Comet's blood trail

Restructuring specialists and private equity investors are among the suitors bidding to acquire flagging UK retailer Comet. According to reports in The Sunday Times, US investment house Gordon Brothers and Op Capita, one-time owner of Habitat and MFI tabled offers last week as the first round of the divestment process began. …
Paul Kunert, 25 Jul 2011
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Comet in bad way after big losses

Comet is consolidating warehouses, service centres, shedding jobs at HQ and setting plans in motion to close or flog a load of stores after reporting substantial losses today. The UK arm of parent Kesa Electricals saw sales drop nearly seven per cent in constant currency to €1.8bn (£1.53bn) and posted losses of €10.3m (£8.9m) …
Paul Kunert, 22 Jun 2011
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More Brits desert high streets to spend £50bn online

Evidence of the agonising demise of Blighty's high streets piled up today as comparison website Kelkoo announced that UK e-sales jumped 14 per cent to nearly £50bn last year. The average Brit web shopper spent about £1,400 online, picking out 39 items, in 2011 - and Kelkoo is predicting that's going to rise again this year. …
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Dixons keeps wolves from the revolving credit facility door

Dixons Retail has inked a £300m revolving credit facility with its financial backers that should ease the cash flow of Blighty's largest retailer. The deal extends Dixons current facility, which was due to mature next year, until the end of June 2015. Sources say this will provide short term guarantees that should keep the …
Paul Kunert, 25 May 2012
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Apple lures Dixons boss Browett to run global retail biz

Channel bully boy Apple has nabbed Dixons chief exec John Browett to head up its worldwide retail biz. Browett - who has presided over the struggling UK consumer giant since 2007 - will step down from the board on 20 February and leave on 20 April. He will be replaced by group operations director Sebastian James, will be plonked …
Paul Kunert, 31 Jan 2012
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Comet to make 'small loss'

There was more depressing news from the high street today as Kesa Electricals - Europe's third largest electrical retailing group - reported that its Comet chain is expected to make a small loss for the first half of the year. Sales for the three months to the end of April at UK-based Comet dipped 1.6 per cent to £316.7m with …
Tim Richardson, 25 May 2005
The Register breaking news

WinXP Media Center PCs come to Europe

Microsoft has signed up 30-ish PC builders to flog entertainment-centric PCs based on WinXP Media Center Edition in Europe for the first time. The company already has a roster of 20 OEMs selling Media Center PCs in US, Canada and Korea. So what is a entertainment-centric PC? Essentially you get to watch TV and DVDs, check out …
Drew Cullen, 06 Aug 2003