Dragons’ Den star Peter Jones is in the running to become executive chairman at embattled electricals retailer Comet, under plans being drawn up by would-be owner Hilco.

The telecoms entrepreneur is being lined up for a “figurehead role”, and sources told the Sunday Times he is likely to move Comet away from low margin white goods such as washing machines, and towards higher-margin products including smartphones and laptops.

Comet owner Kesa put the chain up for sale in the summer. It is thought Hilco, along with Opcapita, are the only firms to have bid for the business.

Jones is chairman and chief executive of Phones International, the telecommunications company he set up in 1998.

A source close to Jones said he is interested in the role and would bring a “huge amount of experience in online retailing”.