After going into administration in November last year, the Comet name is set to return with the news that entrepreneur Clive Coombes is to open 80 electrical stores within two years under the new name Meridian Comet.

The building tycoon, who attempted but failed to buy the collapsed retailer last year, has merged two newly created companies Meridian Wholesale and Comet Electrical.

According to published reports the store opening programme will initially take place in the South West and the Midlands before being rolled out to the rest of the country. It is also rumoured that Clive Coombes is considering floating the group on the AIM stock exchange.

In related news, it is believed that Hailey Acquisitions Limited, the vehicle OpCapita and its investors used to buy Comet, have recouped £54 million from the sale of Comet’s stock and equipment. An update on the administration process filed at Companies House by administrators Deloitte, show Hailey Acquisitions Limited could be in line for further payments from the ruins of Comet.