Reports are surfacing this morning that the OpCapita bid for Comet may be gaining traction with help from an unexpected source, John Clare the former boss of Dixons Retail, Comet’s long time nemesis in electrical retailing.
In his blog for Sky News Mark Klienman reports that;
John Clare, the former boss of Dixons, is advising one of the bidders vying to take control of Comet, its long-time rival, as the slowdown in high street trading threatens the long-term future of two venerable British retailing names.
I’ve learned that Clare is helping Opcapita, a specialist retail investor, on its interest in Comet, which has been hamstrung by the company’s poor sales performance and pension deficit.
Clare, who is also chairman of Capital & Regional, the property company, sits on the boards of Dreams, the beds retailer, and Dyson, the consumer electricals manufacturer.
My sources tell me that Clare would be expected to join the board of Comet if Opcapita buys the chain from Kesa Electricals, although that isn’t yet clear. Clare is also expected to advise the investment firm on other retail deals in future. David Hamid, an Opcapita partner, worked with Clare during their time at Dixons.
Analysts have questioned whether Comet can be revived as a powerful force in British retailing given the structural challenges facing the electricals sector.
Opcapita declined to comment.
The Independent then goes on to pick up the story and report what we already know only noting, like us, that the addition of Mr Clare into this story is just the latest twist in what appears at this point to be a saga without a conclusion in sight yet.