The well-known and respected high street electrical retailer Comet is poised for a dramatic comeback after ceasing operations in 2012. Online shopping platform OnBuy.com has snapped up the rights to the Comet brand and has ambitious plans to re-establish the business as an online-only enterprise.
Set to unveil the revitalised Comet digital storefront by Christmas, the company’s vision is for it to become a hub where electronics manufacturers can showcase and vend their wares, according to a report by the Mirror. However, there are no current intentions for Comet to resurrect its former high street presence.
This development comes over a decade after the retailer accumulated substantial losses and shut down all of its 236 brick-and-mortar shops in 2012, leading to the unfortunate loss of 7,000 jobs, reports the Manchester Evening News. Cas Paton, who established OnBuy, spoke of pumping upwards of £10 million into the relaunch of Comet, maintaining the cherished original branding of the store.
The entrepreneur, hailing from Greater Manchester, expressed his exhilaration: “I am so excited, so thrilled. Growing-up, I went to Comet to get what I needed. It was a brand that was close to me personally.
Paton said: “We want to bring Comet back to the UK consumer. It’s a household name that we estimate is recognised by 70% of UK adults.”
Despite facing formidable competition from giants like Amazon and prominent retailers like Currys, Mr Paton is firm in his belief that Comet’s historic brand appeal will be a significant asset. The founder, who launched his initial venture at the age of 21 with just £80 following his departure from the Royal Navy, committed to delivering “more choice and more competitive prices” through Comet.
He boldly claimed: “We will be ultra competitive and undercut Currys and Amazon.” Of its £10million investment, OnBuy will channel significant amounts into Comet’s technology, with the relaunch anticipated to generate roughly 50 jobs.
OnBuy, a London-based online marketplace, was established in 2016 – a mere four years following Comet’s downfall – and is currently valued at approximately £200million. Comet, originally set up in Hull in 1933 selling batteries and radios, later evolved into a renowned high street electricals brand.
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