Struggling electricals chain Comet was today sold for a token £2 after its owner Kesa Electricals called time on the loss-making business.

Struggling electricals chain Comet was today sold for a token £2 after its owner Kesa Electricals called time on the loss-making business.

Comet, which operates 248 stores and has about 10,000 staff in the UK, will be taken over by retail turnaround firm OpCapita in a deal which will see Kesa pump £50m into the business and take on the firm’s pension scheme.

Comet, which operates 248 stores and has about 10,000 staff in the UK, will be taken over by retail turnaround firm OpCapita in a deal which will see Kesa pump £50m into the business and take on the firm’s pension scheme.

It is the latest casualty of the consumer spending slump after rival Best Buy announced plans to close its 11 stores in the UK, putting 1,100 jobs at risk.

It is the latest casualty of the consumer spending slump after rival Best Buy announced plans to close its 11 stores in the UK, putting 1,100 jobs at risk.

Kesa, which has been reviewing options for Comet since June, said the UK chain was expected to make a loss of £22.3m in the six months to October 31, after like-for-like sales fell 18.6% over the period.

Kesa, which has been reviewing options for Comet since June, said the UK chain was expected to make a loss of £22.3m in the six months to October 31, after like-for-like sales fell 18.6% over the period.