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OpCapita eyeing surprise Comet sale a year after £2 purchase

19 Oct 2012

London-based buyout house OpCapita could make a surprise sale of UK electrical retailer Comet less than a year after buying the company for just £2.

The private equity investors has received unsolicited approaches from UK and overseas retailers about purchasing the business according to the Financial Times, which cited people familiar with the situation.

OpCapita bought the beleaguered chain from Anglo-French electrical giant Kesa for a nominal fee 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 believed to have cut about 1,500 jobs from Comet since taking over, bringing overall staff numbers down to 7,000.

Earlier this year OpCapita stepped in to save the UK assets of retailer Game Group days after the company sank into administration.

The deal saved almost 3,200 jobs at the company, which had to close 277 of its 610 UK stores a month earlier after being unable to pay a £21m quarterly rent bill.

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