Comet collapse costs £15 million

In Industry News On

The BBC reports that administrators have confirmed that the total cost of winding up the collapse of Comet will be approximately £15 million.

Comet collapsed last year with the loss of nearly 7,000 jobs and Comet workers had their redundancy money of £23.2m, paid for by the government’s Redundancy Payments Service.

The administrator, Deloitte, said they were charging “the accepted rate for a complex administration”.

A Deloitte spokesman told the BBC that: “The overall costs of administration are £15m, which includes third-party consultants. Deloitte’s specific fees are for £8m.

“They reflect the accepted rate for a complex administration in a highly regulated environment.”

After Comet entered into administration it has also left many customers that bought own-brand products such as Proline with no warranty and no spare part options for these products. Even some known brands that Comet bought out the warranty for may carry no guarantee in wake of the retailer’s collapse.

You may also read!

CIH postpones Euronics showcase until April 2022

After much consideration and following the recently announced roadmap out of lockdown, Combined Independents (Holdings) Ltd (CIH) has taken


Rangemaster launches new Earth collection

British manufacturer Rangemaster continues to expand its offering with the launch of three new Earth inspired colours, designed to


Sirius has best year to-date, adds four new Approved Members to the group

Major buying group in the electrical appliance and kitchen retail industry, Sirius Buying Group, has announced its best year


Mobile Sliding Menu

©2020 Innovative Electrical Retailing. Datateam Business Media Limited. All rights reserved.
Registered in England No: 1771113. VAT No: 834 8567 90.
Registered Office: 15a London Road, Maidstone, Kent ME16 8LY