Questions raised over Comet deal


Questions raised over Comet deal

Simon Quicke

The Comet sell-off looks like it could be running into trouble with private equity group lined uyp to take on the struggling retailer having problems of its pown raising the capital needed to seal the deal.

According to reports OpCapita, which is leading the buyout, is struggling to get finance which was set against the stocks held by the retailer. Although it paid £2 for the business last month there were various other parts of the financing that were designed to reassure suppliers that there was a secure future for the 249 store chain.

The financing to cover the future of Comet is faily complex with it also involving a stake of £50m from former owner Kesa as well as other facilities that OpCapita has put in place.

Reports claims that the private equity group is currently seeking other funding but if it should run into trouble there are penalities that run into the millions for failing to complete the deal. 
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