The name of the parent company being created for High Street retailer Comet will be KESA Electricals, it emerged yesterday.
Current owner Kingfisher is planning to spin off its European electricals division, which includes Comet, so it can focus on its core DIY business, which includes B&Q.
Under demerger plans announced yesterday, Kingfisher said it hoped to have split the two divisions by the end of July, although it added the move could also cost it up to £242 million in this financial year.
KESA operates 650 stores in seven countries and is Europe's third largest electrical retailer.
Tuesday April 15 2003
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