The collapse of electricals retailer Comet has left the taxpayer facing a £50 million hit, a report from its administrator is expected to show this week.
Everything had to go, and everything has gone. But the saga of Comet's final decline is not yet at an end. What went wrong is now in the sights of senior politicians. ITV News Business Editor Laura Kuenssberg reports:
Comet owners OpCapita issued a statement on the failed retailer saying its plan to rescue the firm included measures to improve the profitability of the business.
– OpCapita statement on CometWe will of course assist fully with any inquiry and welcome the opportunity to provide BIS with factual information relating to the circumstances which led to Comet entering administration.
Deloitte published yesterday its Initial Report to Creditors of Comet Group Ltd which already includes detailed information and commentary on the events leading up to the appointment of administrators.
In addition the report sets out the detail of the turnaround plan for Comet which included a series of measures designed to improve the profitability of the business.
The statement added that once administration is completed, Deloitte will issue a full public report to creditors.
Failed high street retailer Comet has set up a website for former Comet employees as well as those finishing work today.
The site, cometjobs.co.uk, offers a 'The Daily Jobs' email circular of vacancies, an employee help line, fact sheet and postings on the latest jobs with other retailers.
Vince Cable has denied that the action taken to save failed retailer Comet was too little too late. He said social and economic collapse have also been very significant.
But he has admitted that people would expect the government to investigate what happened after the private equity firm, OpCapita bought the company last year for one pound. The firm will reportedly walk away with up to £50 million.
He adds that there are allegations both significant and serious enough to warrant proper inquiry.