Comet to go into administration

Following the news that Comet, is heading for Administration, their website has collaped under pressure from interested suppliers and consumers, as they struggled to find suppliers willing to supply product for the crucial Christmas markets. Over 6,000 job are at risk at the company.

Comet has been trading since 1933 and was offloaded by Kesa for the nominal sum of £2 to OpCapita, less than a year ago, an investment company with turnaround expertise, that clearly didn't manage to work any magic here, well as far as the staff involved are concerned.

OpCapita also bought MFI, prior to that company going into administration back in 2006 and in both cases they received working capital as part of the purchase price, to assist in financing any recovery plans.

Questions are being asked as to their motives in attending corporate "trainwrecks". As a potential saviour? or do they just delay the inevitable while sucking what life is left out of the victim.