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OpCapita could reap Comet profit despite 6,600 facing sack

5 Nov 2012

Buyout house OpCapita could still make a profit from sinking electrical retailer Comet even as thousands of staff look set to lose their jobs.

The company crashed into administration last week after suffering a “cash crunch” in the run-up to Christmas, which led to suppliers demanding stricter terms such as upfront payments from the store chain.

As well as ranking above other creditors in the business, OpCapita also look set to keep the company’s lucrative warranties business, which is said to have made a profit of £30m last year.

That situation has occurred because Triptych was acquired by Comet’s holding company, which is not going into administration.

OpCapita bought the beleaguered chain from Anglo-French electrical giant Kesa for a nominal fee of £2 last November, with Kesa also providing a £50m investment into the firm’s Hailey 2 fund.

Kesa decided to shed the company from its holdings following a share slump early last year.

OpCapita is understood to have already cut about 1,500 jobs from Comet since taking over, with another 6,600 under threat from the administration process.

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