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.

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