Latest news with #CasPaton
Metro
23-05-2025
- Business
- Metro
Iconic high street store returning after shutting 236 stores 13 years ago
An iconic electronic store chain which vanished from the high street 13 years ago is making a surprise come back. Comet, which closed all 236 branches in 2012, is coming to the online world through OnBuy. They will relaunch in time for the Christmas season, offering gifts and all important batteries for children's toys. OnBuy's boss Cas Paton said: 'I am so excited, so thrilled. Growing up, I went to Comet to get what I needed. 'Comet is a name that still resonates with millions of UK shoppers – a brand that sparks real nostalgia and fond memories. 'It was a brand that was close to me personally.' Comet, which first launched in 1933, had shops open across the UK, and became known for its deals on TVs and washing machines. It entered administration in 2012, and thousands of staff lost their jobs. Now the digital revival will see a wide range of electronic companies and tech brands offering their deals through the online retailer. More Trending Cas told This Is Money: 'We will be ultra competitive and undercut Currys and Amazon. 'We're not just reviving a name; we're reimagining what trusted electronics retail looks like in a digital-first economy.' Around 50 new jobs are set to be created to relaunch Comet online. The website promises 'deals worth waiting for' with the 'best tech and brands'. Get in touch with our news team by emailing us at webnews@ For more stories like this, check our news page. MORE: Major update on future of Poundland after revenue tanks by £57,000,000 MORE: Nobody's Child now has a whole page dedicated to dresses with pockets MORE: 10 brands Brits want back on the high street – from Debenhams to Woolworths
The Sun
22-05-2025
- Business
- The Sun
Popular retailer to RETURN to high street 13 YEARS after collapsing into administration and shutting 236 stores
A POPULAR high street name is set to make a dramatic return 13 years after vanishing from UK towns and cities. Comet, once a go-to store for electrical goods, is being brought back by online marketplace OnBuy – but this time, it's going digital. 3 3 The retailer, which closed all 236 of its UK branches in 2012, including popular outlets in Essex, will relaunch as an online-only platform in time for the festive season. Founded in Hull in 1933, Comet grew from selling batteries and radios into a nationwide electrical giant. It was a household name for decades, known for its deals on TVs, washing machines, and home appliances, before financial trouble forced it into administration in 2012. Its collapse was one of the biggest retail failures of the time, with thousands of staff losing their jobs and many shoppers left disappointed. Now, more than a decade later, there's fresh hope for fans of the iconic brand. OnBuy's boss, Cas Paton, said he's determined to restore Comet's former glory. 'I am so excited, so thrilled. Growing up, I went to Comet to get what I needed. "It was a brand that was close to me personally,' he said. The relaunch won't see the return of physical shops, but the digital revival promises a wide range of electronics, from big names to emerging tech brands. OnBuy plans to use its marketplace model to connect shoppers directly with manufacturers, offering better prices and more variety. Britain's retail apocalypse: why your favourite stores KEEP closing down Paton added: 'We will be ultra competitive and undercut Currys and Amazon.' He believes OnBuy's modern approach and Comet's strong heritage will help win over UK customers. A significant portion of the £10 million investment will go towards building the Comet website and boosting its technology. Around 50 new jobs are expected to be created as part of the relaunch effort. Paton, who started his first business with just £80 after serving in the Royal Navy, said the brand's revival is about more than nostalgia. 'We're not just reviving a name; we're reimagining what trusted electronics retail looks like in a digital-first economy,' he said. OnBuy, which launched in 2016 and is now worth around £200 million, hopes to turn Comet into a major online player. The relaunch comes at a time when more consumers are shopping online and seeking alternatives to big-name retailers. Shoppers can expect a mix of old and new when Comet returns, with the website promising: 'We're reviving the brand you love to bring you the best tech, brands, and deals worth waiting for.' Although the high street stores won't reopen, many still have fond memories of browsing the aisles at their local Comet. For those in Essex and beyond, the return of the name, even online, is sure to stir a sense of retail nostalgia. RETAIL PAIN IN 2025 The British Retail Consortium has predicted that the Treasury's hike to employer NICs will cost the retail sector £2.3billion. Research by the British Chambers of Commerce shows that more than half of companies plan to raise prices by early April. A survey of more than 4,800 firms found that 55% expect prices to increase in the next three months, up from 39% in a similar poll conducted in the latter half of 2024. Three-quarters of companies cited the cost of employing people as their primary financial pressure. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." Professor Bamfield has also warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020." 3
Scottish Sun
22-05-2025
- Business
- Scottish Sun
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 Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) 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. Sign up for Scottish Sun newsletter Sign up 1 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. Shock Closure: Fisher Tours Ends Operations After 22 Years 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."
The Sun
22-05-2025
- Business
- The Sun
Legendary UK retailer set to return 13 years after collapsing into administration and shutting 240 stores
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. 1 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. 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."
Business Mayor
21-05-2025
- Business
- Business Mayor
Popular electronics retailer that collapsed in 2012 to be revived
Comet will be making a big comeback in Britain online after being snapped up by London-based online marketplace OnBuy. OnBuy will plough £10million into reviving the Comet brand and will relaunch its website in the final quarter of this year, a spokesman for OnBuy told This is Money. Cas Paton, chief executive and founder of OnBuy, said: 'We're not just reviving a name; we're reimagining what trusted electronics retail looks like in a digital-first economy.' Paton told This is Money: 'Comet is a name that still resonates with millions of UK shoppers – a brand that sparks real nostalgia and fond memories. While it faced challenges in the past, much of that stemmed from missed opportunities in adapting to the digital age.' In a bid to radically shake-up electricals retail, OnBuy said the deal would position it as a 'serious challenger' to major rivals like Amazon and Currys. OnBuy said it planned to resurrect Comet 'as a marketplace at the apex of e-commerce.' Back online: Comet will be making a comeback in Britain online after being snapped up by OnBuy Comet will be 'fully integrated' into OnBuy's 'powerful marketplace network', it said on Wednesday. OnBuy acquired Comet from Miso Technologies, who owned it for six years. Comet, which was one of the leading electrical retailers in Britain, was placed into administration in 2012, leading to 240 store closures and 6,500 people losing their jobs. The brand was sold to Miso Technologies in 2020. Miso Technologies revived the Comet brand as an online-only retailer. On Wednesday, Cas Paton, chief executive and founder 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.' He told This is Money: 'Our primary focus is on building a powerful, online-only marketplace. OnBuy boss Cas Paton told This is Money he has radical ambitions for Comet 'This agile model will enable us to stay competitive, aligned with what today's shoppers really want, and scale quickly. 'We see a significant opportunity in the market for a dedicated electricals marketplace, one that not only delivers value, choice, and convenience to customers nationwide, but also supports thousands of UK-based retailers. 'While our strategy is digital-first, we recognise the continued importance of the high street. 'That's why we're already exploring ways to connect Comet to local retail, whether through partnerships with independent stores or by introducing convenient collection points.' On its website, Miso Technologies said it would, for the time being, be able to assist with existing Comet customer queries. The group has been operating the Comet brand's online shop. It said this week: 'Whether it's a return, warranty issue, or a general enquiry, we're still available and happy to assist.' Adam Muir, managing director at Misco Technologies, said: 'Following six 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 has reported 50 per cent year-on-year sales growth since Donald Trump took office. The challenger brand enjoyed a record-breaking year, as it facilitated more than £150million worth of sales across Britain in 2024, driving gross profits of in excess of £20million. Five years ago, OnBuy boss Cas Paton said it was aiming to take on Amazon in an exclusive interview with This is Money. Comet's demise in 2012 was one of the biggest high street casualties Britain has seen. Its collapse buoyed the likes of rivals like Dixons and Argos, which was owned by Home Retail at the time. Comet, which was Britain's largest electrical specialist retailer after Dixons, was hit hard by dwindling consumer spending in Britain after 2008. Amid a global financial crisis, many shoppers had less disposable cash and could not afford to buy big-ticket appliances like washing machines or fridges. Amazon was also starting to chip away at conventional retailer's sales figures. In 2012, Comet filed an intention to appoint an administrator, with a view to entering administration days later. It said in 2012: 'The board is urgently working with its advisers to seek a solution to secure a viable future for the company'. Since the demise of Comet, other big name brands like Debenhams and Wilko have collapsed. Deloitte was waiting in the wings to handle the group's administration and store closures. In 2020, Deloitte was ordered to pay a fine and costs of £1.8million and 'severely reprimanded' by regulators in connection with its administration of Comet in 2012. Read More Regional Banks' Deposit Remix Not as Good as the Original The Institute of Chartered Accountants in England and Wales (ICAEW) said Deloitte failed to comply with its code of ethics in connection with its appointment as Comet's administrator. The ICAEW found Deloitte had failed to ensure that it was sufficiently objective as the retailer's administrator. It fined Deloitte £925,000 and ordered it to pay costs of £890,000.
