OpCapita to pocket £70m from Comet collapse – report

The controversy surrounding the collapse GAME-owner OpCapita’s now-defunct retailer Comet has erupted once again.

The Financial Times reports that OpCapita’s acquisition vehicle HAL will receive in the region of 70m as a result of Comet’s administration and subsequent liquidation – a fact that if true is likely to once again re-ignite calls for an official government investigation into the deal.

Adding fuel to the fire, unsecured creditors (the bulk of which were landlords) were left 200m out of pocket while taxpayers were forced to foot a 50m bill.

Note too that OpCapita was paid 50m to take Comet off the hands of former owner Kesa before its rescue attempt even began, although HAL was forced to write off an estimated 73.7m in losses throughout its time in charge of Comet.

Also revealed is the fact that HAL made two payments of 850k to economic entities that had invested in Comet, one of which is directly associated with OpCapita owner Henry Jackson.

Lib Dem stalwart and business secretary Vince Cable announced last December that he was to launch an investigation into OpCapita’s handling of the Comet situation.

GAME boss Martyn Gibbs has previously pledged his support of the retailer’s owners.

About MCV Staff

Check Also

Wireframe magazine has printed its final issue

The team behind Wireframe magazine has announced on Twitter that it will no longer release print editions