Deloitte statement on Comet
25 July 2014
A spokesperson for Deloitte said: "We note today's announcement and will cooperate fully with any investigation. However, we strongly disagree with the suggestion of a conflict of interest. It is not unusual for an Administrator to be appointed to an insolvent company following a period as an adviser. Indeed, the Administrator having knowledge of a company’s financial and commercial challenges is generally beneficial to all creditors and employees.
"Once appointed, the Administrators, along with our advisers and Comet management, worked tremendously hard under very challenging circumstances to provide consultation to nearly 7,000 employees across more than 250 sites.
"All employees were notified in writing of the risk of redundancy and consultations took place at sites in a very tight timescale and whilst significant efforts were being undertaken to rescue the business. Union representatives were also invited by the Administrators to participate in consultation meetings.
"The Administrators organised jobs fairs and employability events which were attended by hundreds of Comet employees, whilst Job Centre briefings were held at Comet sites. A helpline was set up to assist employees and a website was created where more than 50 prospective employers posted available positions.
"Comet staff acted professionally and with great passion for their company throughout this period. Regrettably, it proved impossible to find a purchaser willing to save the business and the employees ultimately had to be made redundant."
Notes to editors
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.
The information contained in this press release is correct at the time of going to press.
Member of Deloitte Touche Tohmatsu Limited.