OpCapita circles ailing Comet

Reports suggest private equity house could be moving in on deal with Comet owner Kesa Electricals

OpCapita is in the box seat to buy ailing electricals retailer Comet, according to reports this morning.

Comet owner Kesa Electricals said it would consider selling the 248-store chain, which made a loss last year of £8.9m, as part of a strategic review process launched in June.

OpCapita has been heavily touted as a potential buyer, with a report in The Independent this morning suggesting the private equity house could be closing in on a deal. According to the newspaper, John Clare, the former Dixons Retail boss who is advising OpCapita, has increasingly been glimpsed in Comet stores in the past week.

The Daily Telegraph also fingered OpCapita as the most likely buyer last week. According to the broadsheet, Kesa will delist its shares from the London Stock Exchange and change its name to Darty – its flagship French business – once it has closed the sale of Comet.

Senior management at Kesa expressed their displeasure at Comet's performance after it racked up full-year 2011 losses of £8.9m on sales down seven per cent to £1.54bn.

For the first quarter of its fiscal 2012, ending 31 July, Comet's like-for-like sales slumped 22.1 per cent year on year and the firm's losses are expected to more than double to £20m for its current financial year to April.

Kesa is expecting to tie up any deal before 7 December, when it unveils its first-half results.