Comet set to rise again as new chain of electrical stores

A chain of electrical stores under the Comet name is to be launched in a bid to fill the gap in the market left by the now-defunct retailer.

Despite not having bought the Comet brand from administrator Deloitte, property tycoon Clive Coombes — who has taken legal advice about using the name — intends to open the first Meridian Comet store in the next two months in the South-West.

He has already formed ties with brands including Apple, Canon and Sony to replicate the former chain’s range, according to trade paper Retail Week.

The entrepreneur tried unsuccessfully to buy Comet after it collapsed into administration last November following dire trading and a cashflow crisis. He plans to build Meridian Comet through private investment before floating it  on Aim, targeting 80 shops in  two years.

Separately, former JJB Sports chief executive Tom Knight is launching Sports Pro, and hopes to grow the fledgling sports store retailer to 14 shops by December.