Company reveals store sales

A NATIONAL electrical company with a Scarborough store is set to be sold for just £2.

Kesa Electricals, which owns Comet in Valley Bridge Road, has announced plans to shift its troubled UK-based stores to retail turnaround specialists OpCapita.

The move is expected to safeguard jobs for at least 18 months.

However, the sale is expected to involve the closure of some of Comet’s 250 stores.

Seventeen outlets have already been earmarked for closure with the company set to downsize its workforce at nine further stores during the next three years.

Kesa has said it will invest £50m into the new holding company, and will retain liability for the Comet employees’ final salary pension scheme.

It also announced it would benefit from any subsequent onward sale of the chain, though that would only come into effect if the resale price was more than £70 million.