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Comet sale edging closer

Alex Scroxton

The sale of the Comet electrical chain could be moving towards a conclusion with a private equity firm the most likely buyer to take the retail chain off the hands of current parent Kesa Electricals.

The prospect of a sale of the retail chain has been on the card since the summer when Kesa made it clear that it wanted to look at all options for the future of the business, which has found life tough going during the last few years of recession.

Back in June Kesa chairman David Newlands talked of the need to look at "strategic alternatives" for Comet.

Reports in the i newspaper on Monday have signalled that private equity firm Opcapita, which is being advised by former Dixons Retail boss John Clare, is in the last stages of takeover talks.

Any deal is expected to be sealed in time for Kesa to include it in half-year results, which are due out on 3 December, but a move to sell-off Comet would need to be backed by shareholders.

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