Buying from comet after todays news

Lifeforms

Hi,
I understand shops go under, or sell on to others, and most of the time we have no notice about it, but the (new) buyers of Comet have basically said; hoping to keep it as an ongoing concern for at least 18 months.

So essentially is it actully wise to buy from Comet now? Some stores will go, but what about if I buy a cooker now, and 6 months, 12 months, 18 even, down the line there's a problem? Who covers the warentees from new purchases (old warentees are still a concern for the old owners of Comet, according to the news)
I can save £50 by buying from comet on a cooker online. (yeah i've checked the sites, compared the prices, and a voucher gives me the best price, from sites that I've heard of, or don't sound dodgy to begin with). On a £700 cooker, I want to feel that i'm not going to regret the purchase because comet's just sold itself on.

So I guess, I want to know, am I nuts for considerin buying now after the news?

clivejohnson

in a word, yes.

even if they went up for sale, i wouldn't go near them with a barge pole!

arcon5

Warranties are honoured by the manufacturer not the retailer. However you don't have as many rights under the terms of the warranty as you would the Sales of Goods Act which is your statutory rights with the retailer, so if the manufacturer wasn't being very helpful you would struggle to get a rememdy if they went out of business.

So in a way yet, you should be somewhat wary of large purchases with them. However, the only problem with this thinking is people get scared and boycott the business, so anychance of a recovery under new onwership may fall through as a result. It would have been better to keep the news out of the press (although unlikely actually possible).

But then some very rich people are investing sum very large amounts of money into the company, so someone somewhere must seriously think they have a chance of bringing the company back to profitability!

If you do have any concerns and do really want a product they sell, remember if you use your CC and it's over £100 you will also be protected by the CC company if the product went wrong and the company went under.

texranger

Lifeforms wrote: »

Hi,
I understand shops go under, or sell on to others, and most of the time we have no notice about it, but the (new) buyers of Comet have basically said; hoping to keep it as an ongoing concern for at least 18 months.

So essentially is it actully wise to buy from Comet now? Some stores will go, but what about if I buy a cooker now, and 6 months, 12 months, 18 even, down the line there's a problem? Who covers the warentees from new purchases (old warentees are still a concern for the old owners of Comet, according to the news)
I can save £50 by buying from comet on a cooker online. (yeah i've checked the sites, compared the prices, and a voucher gives me the best price, from sites that I've heard of, or don't sound dodgy to begin with). On a £700 cooker, I want to feel that i'm not going to regret the purchase because comet's just sold itself on.

So I guess, I want to know, am I nuts for considerin buying now after the news?

the correct statement is

http://press.comet.co.uk/index.php?cID=324&cType=news

Sale of Comet press statement

Wednesday 9th November 2011

Following a strategic review, Comet can confirm that its parent company Kesa Electricals plc has recommended to its shareholders to approve the sale of the Comet business to OpCapita, a private investment firm that focuses on operational change opportunities in European retail and consumer sectors.
Bob Darke, Comet managing director said:
“We are encouraged by today’s announcement and - with shareholder approval - absolutely committed to a smooth handover. For our customers and our people, it is business as usual and we are 100 per cent focused on delivering a successful Christmas trading period and great business performance into 2012 and beyond.”

Lifeforms

texranger wrote: »

the correct statement si

Which is great and all upbeat, but they're hardly going to post we're gunna hand over this company for like £2, give or take , and let it get !!!!ed all over.

OpCapita have released statement, or atleast a news article that contains : "Principal terms and conditions of the disposal of Comet"
"The Purchasers have confirmed it is their intention to conduct the business of Comet as a going concern for at least 18 months from completion of the disposal."
&
"The pledge funds held by the Group to satisfy extended warranty and service contract arrangements, amounting to €72.7 million as at 30 April 2011, will remain with Comet following the disposal."
Full article google OpCapita then news page, first article. Cant post link as a newbie

So what I posted was correct, in a roundabout way, tho perhaps for the sake of picking at myself, i should've said "new" comet said. However, that ultimately doesn't mean comet is going to be around forever. Or atleast as long as any product/warentee I buy will be. It also doesn't give me any clue as to whether old comet will carry on responsibility for extended warentees bought from now onwards, or if it's the new company. and if it's the new company, then what they offer persay, thus also if it's the old company, whether that is going to be a problem dealing with two companies, one I bought off, the other who runs the warentee.
my head hurts! I know for the sake of £50, i could buy elsewhere, but it's a specific colour/type cooker i want, and there are only a few who sell it, and to have some money off is nice in anyones world.

texranger

Lifeforms wrote: »

Which is great and all upbeat, but they're hardly going to post we're gunna hand over this company for like £2, give or take , and let it get !!!!ed all over.

OpCapita have released statement, or atleast a news article that contains : "Principal terms and conditions of the disposal of Comet"
"The Purchasers have confirmed it is their intention to conduct the business of Comet as a going concern for at least 18 months from completion of the disposal."
&
"The pledge funds held by the Group to satisfy extended warranty and service contract arrangements, amounting to €72.7 million as at 30 April 2011, will remain with Comet following the disposal."
Full article google OpCapita then news page, first article. Cant post link as a newbie

So what I posted was correct, in a roundabout way, tho perhaps for the sake of picking at myself, i should've said "new" comet said. However, that ultimately doesn't mean comet is going to be around forever. Or atleast as long as any product/warentee I buy will be. It also doesn't give me any clue as to whether old comet will carry on responsibility for extended warentees bought from now onwards, or if it's the new company. and if it's the new company, then what they offer persay, thus also if it's the old company, whether that is going to be a problem dealing with two companies, one I bought off, the other who runs the warentee.
my head hurts! I know for the sake of £50, i could buy elsewhere, but it's a specific colour/type cooker i want, and there are only a few who sell it, and to have some money off is nice in anyones world.

this is all a tax ploy

"Kesa said it would invest £50m itself into the new holding

company, and would retain liability for the Comet employees' final salary pension scheme."

as why sell for £2 and then invest 50 million in the new company and then retain liability for the pension scheme if you are not involved in the business anymore.