Comet has finally plunged to earth, with secured creditors Hailey Acquisitions Limited (HAL) about to receive 34% of their dues following the collapse of the chain. HAL, an investment vehicle set up for the purpose of acquiring Comet in February this year, will reap £49.7m from the administration process, but unsecured creditors to the chain will not get a single penny.
Other victims of the collapse include HMRC, which is owed PAYE and VAT sums, and security firm G4S. It is thought that HMRC will suffer a loss of £26m because of the firm’s collapse, but the government is reportedly going to take a £50m hit in a combination of the unpaid tax and also redundancy costs it has agreed to pay to the 6,600 Comet staff. £1.5m will be paid to cover salary arrears and holiday pay.
Reports also say that other unsecured creditors ITV and Google are owed £1.2m and £602,000 respectively for advertising services, and customers holding Comet gift cards with a value of around £4.7m will also be hung out to dry.