Kesa sells Comet for £2

Kesa, Europe's third-biggest electrical goods retailer, said it had agreed to sell its loss-making chain Comet for £2.

The buyer is Hailey Holdings Ltd and Hailey Acquisitions Limited, entities advised by private equity firm OpCapita LLP.

Kesa said it will invest £50m in Hailey, the shareholder of the purchaser, and retain the liability for the Comet Defined Benefit Pension Scheme.

Kesa said group revenue fell 7.6 per cent in the first half to 31 October.