Private equity firm OpCapita has completed its acquisition of Comet from electricals group Kesa.

The private equity firm has bought the 248 store electrical chain for £2. Comet’s former owner Kesa is pumping £50m into the retailer as part of the deal.

Former Dixons boss John Clare joins Comet as chairman.

Clare won the support of its major suppliers this week after trade credit insurers put the retailer “under review” following Kesa’s decision to sell the electrical chain.

Comet hopes to resecure trade cover when it presents a revised business plan to its insurers at the end of the month.