CGL Realisations Limited (00278576): administration
- Status
- Administration ended
- Administration began
- 2012-11-02
- Administrators' firm
- Deloitte
- Formerly
- Comet Group Limited; Comet Group P L C Limited; Comet Group P L C; Comet Radiovision Services Limited
- Incorporated
- 1933-08-08
- Location
- Birmingham
- Industry
- 47540 Retail sale of electrical household appliances in specialised stores
Why it went into administration
- Credit insurance / supplier credit withdrawn
- Cash flow / liquidity pressure
- Sustained trading losses
- Competition / price pressure
From the administrators' statement
In 1984 the business was purchased by Kingfisher Plc In 2003, Comet demerged from Kingfisher Pic, along with its sister electrical companies throughout Europe, and became a fully owned subsidiary of Kesa Electricals Plc (now called Darty Pic)
Between 2008 and 2011, the Company suffered revenue decline of in excess of £100m with annual revenue falling to £1,478 2m for the year ended 30 April 2011 The Company reported a profit of £16 2m for the 15 months ended 30 April 2008, however, it became foss making the following year, reporting annual losses of £5 4m, £3 8m and £31 8m for the subsequent three years
In June 2011, Kesa commenced a formal sale process of Comet, appointing Merrill Lynch to manage the sale process On 9 November 2011, Kesa announced that it had entered into an agreement with Hailey Holdings Limited and Hailey Acquisitions Limited, entities advised by OpCapita LLP, to sell Comet Group PLC (now renamed Comet Group Limited) and Its subsidiaries for consideration of £1 In addition, they agreed to pay £50 million to the holding company of Hatley Holdings Limited and Hatley Acquisitions Limited, and retain the liability for the Comet Defined Benefit Pension Scheme The sale completed on 3 February 2012
Administrators' statement of proposals (2012-12-24) · Companies House register