Comet acquired by online marketplace OnBuy

Electrical specialist Comet has been snapped up by online marketplace OnBuy.

The company said it plans to inject £10m into reviving the Comet brand and will relaunch its website in the fourth quarter.

It said the deal will position OnBuy as a “serious challenger” to long-established players within the UK’s consumer electronics space, including Amazon and Currys.

Comet, which was one of the leading electrical retailers in the UK, was placed into administration in November 2012 which led to 240 store closures and 6,500 employees made redundant. The brand was sold to Misco Technologies eight years later in 2020, who revived the brand as an online-only retailer.

OnBuy founder and chief executive Cas Paton said: “Comet is a brand long associated with offering the very best deals in home appliances and consumer electronics. Its heritage is one that we want to protect and enhance using our innovative technology and business model.

“OnBuy’s marketplace already connects millions of customers with top brands and retailers, and we’re uniquely positioned to rebuild Comet into a powerhouse for consumer electronics, just as it once was – but with a modern, digital-first approach that will deliver incredible value and a seamless shopping experience to customers.

“We’re not just reviving a name; we’re reimagining what trusted electronics retail looks like in a digital-first economy.”

Misco Technologies managing director Adam Muir added: “Following 6 years of exponential growth in our core business, we’ve taken the decision to sell the Comet brand.

“We’re delighted to be leaving this household name in the hands of one of Britain’s leading technology businesses.

“OnBuy has highly ambitious plans to redefine Comet’s reputation as an e-commerce juggernaut, and we look forward to seeing this legacy brand taken to new heights.”

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