Comet will be making a big comeback in Britain online after being snapped up by London-based online marketplace OnBuy.
OnBuy will plough £10million into reviving the Comet brand and will relaunch its website in the final quarter of this year, a spokesman for OnBuy told This is Money.
Cas Paton, chief executive and founder of OnBuy, said: ‘We’re not just reviving a name; we’re reimagining what trusted electronics retail looks like in a digital-first economy.’
Paton told This is Money: ‘Comet is a name that still resonates with millions of UK shoppers – a brand that sparks real nostalgia and fond memories. While it faced challenges in the past, much of that stemmed from missed opportunities in adapting to the digital age.’
In a bid to radically shake-up electricals retail, OnBuy said the deal would position it as a ‘serious challenger’ to major rivals like Amazon and Currys.
OnBuy said it planned to resurrect Comet ‘as a marketplace at the apex of e-commerce.’
Back online: Comet will be making a comeback in Britain online after being snapped up by OnBuy
Comet will be ‘fully integrated’ into OnBuy’s ‘powerful marketplace network’, it said on Wednesday.
OnBuy acquired Comet from Miso Technologies, who owned it for six years.
Comet, which was one of the leading electrical retailers in Britain, was placed into administration in 2012, leading to 240 store closures and 6,500 people losing their jobs.
The brand was sold to Miso Technologies in 2020. Miso Technologies revived the Comet brand as an online-only retailer.
On Wednesday, Cas Paton, chief executive and founder of OnBuy, said: ‘Comet is a brand long associated with offering the very best deals in home appliances and consumer electronics.
‘Its heritage is one that we want to protect and enhance using our innovative technology and business model.’
He told This is Money: ‘Our primary focus is on building a powerful, online-only marketplace.
OnBuy boss Cas Paton told This is Money he has radical ambitions for Comet
‘This agile model will enable us to stay competitive, aligned with what today’s shoppers really want, and scale quickly.
‘We see a significant opportunity in the market for a dedicated electricals marketplace, one that not only delivers value, choice, and convenience to customers nationwide, but also supports thousands of UK-based retailers.
‘While our strategy is digital-first, we recognise the continued importance of the high street.
‘That’s why we’re already exploring ways to connect Comet to local retail, whether through partnerships with independent stores or by introducing convenient collection points.’
On its website, Miso Technologies said it would, for the time being, be able to assist with existing Comet customer queries. The group has been operating the Comet brand’s online shop.
It said this week: ‘Whether it’s a return, warranty issue, or a general enquiry, we’re still available and happy to assist.’
Adam Muir, managing director at Misco Technologies, said: ‘Following six years of exponential growth in our core business, we’ve taken the decision to sell the Comet brand.
‘We’re delighted to be leaving this household name in the hands of one of Britain’s leading technology businesses.
‘OnBuy has highly ambitious plans to redefine Comet’s reputation as an e-commerce juggernaut, and we look forward to seeing this legacy brand taken to new heights.’
OnBuy has reported 50 per cent year-on-year sales growth since Donald Trump took office.
The challenger brand enjoyed a record-breaking year, as it facilitated more than £150million worth of sales across Britain in 2024, driving gross profits of in excess of £20million.
Five years ago, OnBuy boss Cas Paton said it was aiming to take on Amazon in an exclusive interview with This is Money.
What happened to Comet?
Comet’s demise in 2012 was one of the biggest high street casualties Britain has seen.
Its collapse buoyed the likes of rivals like Dixons and Argos, which was owned by Home Retail at the time.
Comet, which was Britain’s largest electrical specialist retailer after Dixons, was hit hard by dwindling consumer spending in Britain after 2008.
Amid a global financial crisis, many shoppers had less disposable cash and could not afford to buy big-ticket appliances like washing machines or fridges.
Amazon was also starting to chip away at conventional retailer’s sales figures.
In 2012, Comet filed an intention to appoint an administrator, with a view to entering administration days later.
It said in 2012: ‘The board is urgently working with its advisers to seek a solution to secure a viable future for the company’.
Since the demise of Comet, other big name brands like Debenhams and Wilko have collapsed.
Deloitte was waiting in the wings to handle the group’s administration and store closures.
In 2020, Deloitte was ordered to pay a fine and costs of £1.8million and ‘severely reprimanded’ by regulators in connection with its administration of Comet in 2012.
The Institute of Chartered Accountants in England and Wales (ICAEW) said Deloitte failed to comply with its code of ethics in connection with its appointment as Comet’s administrator.
The ICAEW found Deloitte had failed to ensure that it was sufficiently objective as the retailer’s administrator.
It fined Deloitte £925,000 and ordered it to pay costs of £890,000.
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