Legendary UK retailer set to return 13 years after collapsing into administration and shutting 240 stores
OnBuy's CEO weighed in on the store's return
BACK IN ACTION Legendary UK retailer set to return 13 years after collapsing into administration and shutting 240 stores
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A LEGENDARY UK retailer is set to make a stunning comeback more than a decade after shuttering its stores.
Electricals retailer Comet ceased operations in 2012 but has been snapped up by online marketplace OnBuy.
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Online marketplace OnBuy has pumped £10million of investment into reviving electricals store Comet
Credit: Getty
The latter confirmed to The Sun that the chain would relaunch in either September or October, and definitely before Christmas following a mammoth £10million investment.
It will stock thousands of products from a selection of flagship brands including Apple, Samsung, Sony and LG.
It is estimated that between 50 and 60 jobs will be created following what Cas Paton, founder and CEO of OnBuy, has described as a "significant launch".
He added that he wants to "bring Comet back to its former glory in a modern world" and that the store has "nostalgic value" for British punters.
Paton added: "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."
What is OnBuy?
OnBuy is one of the fastest-growing e-commerce marketplaces in the world.
The company boasts a range of over 35million products while offering big savings for customers.
It prides itself on being a fair and transparent business that puts buyers and sellers first.
When was OnBuy created?
The UK Dorset-based online shopping platform, OnBuy was launched by Cas Paton in November 2016.
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Speaking about the founding OnBuy, Paton told the Retail Bulletin in July 2023: "I've been involved in web development since I was a teenager and started my first company while studying at university.
"Entrepreneurship has always been in my blood, and I set up my first business at the age of 21.
"I've had other ventures along the way, but in 2016 I founded OnBuy and decided to dedicate all my time, effort, and money into making it a success.
"It's been quite a journey and recently OnBuy was recognised as 'Europe's fastest-growing ecommerce business' by the Financial Times."
The company launched globally in the summer of 2020 after securing a £5million investment.
OnBuy's founder and CEO Paton projected the thriving business to be turning over £2billion in sales by 2024.
Following a 1,100 per cent sales increase in 2019, OnBuy embarked on an aggressive international expansion plan into 140 new territories — including the US, Germany, France, Spain and the UAE.
To accommodate the company's rapid growth, OnBuy tripled its workforce in 2020 to more than 50 full-time staff.
Paton said: "The injection of this additional funding not only allows us to substantially grow the operational side of the business, but it gives the OnBuy team backing from phenomenal investors who can bring an array of eCommerce experience and expertise to the table, bolstering an already strong globalisation strategy.
"2020 is a coming-of-age era for OnBuy, where we've seen some of the world's largest brands and retailers come on board.
"By having products from the leading household names available, including Procter & Gamble, Unilever and Kimberly-Clark, we are driving better competition which feeds into better pricing for consumers across a huge variety of products.
"We are well on track to claim 3-5 per cent of the £84billion UK eCommerce market in the next three years, and we're aiming for one per cent of the $3.46 trillion global e-commerce market, equating to $35bn, in the next five years.
"We're gearing up for an enormous expansion into over 140 new countries, which will allow OnBuy to become the first global marketplace and further set ourselves apart from the competition."
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