Hove branch of Comet to close today

The Hove branch of electrical goods chain Comet is due to shut today (Tuesday 18 December).

The announcement by the administrators from the accountancy firm Deloitte comes as Business Secretary Vince Cable ordered an investigation into the circumstances of Comet’s collapse.

The company went into administration last month owing £232 million although the private equity firm Opcapita, which bought Comet in February, has recouped £50 million.

More than two dozen jobs have been lost with the closure last month of the branch in Lewes Road, Brighton, and the demise of the Old Shoreham Road, Hove, branch today.

The Hove branch is a few doors from JJB Sports at the Golsdtone Retail Park on the site of Brighton and Hove Albion’s former home, the Goldstone Ground. JJB is also closing.

The investigation order by the Business Secretary will look at the circumstances surrounding Opcapita’s purchase of Comet, which was founded in 1933.

And it will look at whether insolvency laws need to be tightened as there is no suggestion that Opcapita has done anything illegal.

The government has been left with a bill of about £50 million in unpaid VAT and redundancy payments. Benefits payable to those who cannot find work will add to the amount.