OnBuy Acquires Comet Brand

Misco Technologies has sold Comet to the online marketplace OnBuy, which has confirmed its intention to invest over £10m into the business.

Comet is expected to relaunch in the final quarter of the year, once it has fully integrated into OnBuy’s powerful marketplace network. The acquisition forms part of OnBuy's long-term growth strategy to tap into the £25bn consumer electronics sector and compete with Amazon and Currys.

Once widely-known as one of the UK's leading electronics retailers, Comet went into administration in 2012, resulting in 240 stores closures and redundancies for 6,500 employees. The brand was purchased by Misco Technologies in 2020.

Cas Paton, founder and CEO of OnBuy, 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.”

Adam Muir, the MD of Misco Technologies - the owner of the Comet brand - 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.”

OnBuy saw a record-breaking year in 2024, delivering gross profits in excess of £20m on UK sales of c. £150m, noting a 50% year-on-year increase in sales since Trump took office.

OnBuy confirmed the news in a LinkedIn post:

🚨  BIG NEWS 🚨 We’re proud to announce that OnBuy has officially acquired Comet, one of the UK’s most iconic names in home appliances and consumer electronics.

Comet has long been known for offering great-value tech, and we’re committed to honouring that legacy. That’s why we’re planning to relaunch it later in 2025 as a standalone name with it's own marketplace, powered by OnBuy’s advanced technology.

Stay tuned for updates - Comet’s making a comeback.

Source : Insight DIY 

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