Hailey Acquisitions, the former owner of electricals group Comet, hopes to buy back the bust retailer’s tax losses, it has emerged.
Hailey Acquisitions, the vehicle set up by private investment company OpCapita and other investors to acquire Comet, could use £27m of the retailer’s tax losses to offset its own profits, the Mail on Sunday reported.
Comet collapsed in November 2012 with the loss of about 6,000 jobs. Its demise also left HM Revenue & Customs with a £50m bill. However, its former owner is thought to have made more than £50m from its involvement.
Businesses that lose money one year can offset the hit against profits the following year. It is sometimes possible to acquire another company’s losses to set against earnings.
It has become more difficult in recent years to buy and use another company’s tax losses, however.
The Department for Business, Innovation and Skill has been looking into the circumstances surrounding the collapse of Comet.