The private equity firm involved in Comet's costly crash is back in the market and trying to convince financiers to part with hundreds of millions for a new investment fund. Henry Jackson, boss of OpCapita, the venture capitalist which paid £2 for the British retailer in November 2011 before sending it down in flames a year …
"The VC has an existing stake in Game Group, and once owned furniture retailer MFI"
So a history full of glorious successes then....
They are successful...
...in asset stripping
Re: They are successful...
Comet's biggest asset was it's staff, I'm not sure I want to see them stripping...
If a VC company can't see that there's no demand or market for something why would you give them your cash?
Sounds like these wealthy people are too distant from the man on the street to know anything about them.
Ahh "Asset stripping." The 70's are back again?
Actually their tactics sound more like a "bleedout" where, essentially they run up plenty of credit, swap the goods around and the company crashes and burns.
Anyone who gets invited to "invest" in their business and can't figure out who the mug is whose going to be left holding the baby should realize that would be themselves.
Don't trust these f**kers.
penny here, you're fired there...
Easy to make money personally out of buying failing businesses. Tragedy is the VC's don't really care about how they make money.....or even lose it..
Mark my words...Game group will fail, but not without having lined some pockets along the way.
Vince Cable and the Govt will find nothing and do nothing
Another sorry tale of greed, misrepresentation, pre-packaged failures, tax evasion and huge self interest on the part of the VC.
The impact as we can all forsee are job loses no doubt ahead of Christmas, personal hardship for those unlucky people employed by those companies, loss of pensions and pay and a consequential impact on their families.
The investors in such a vehicle will no doubt be insulated from such trauma if not rewarded for their investment while everything burns around them............
Moral compass off point........................nah
- Exclusive HP slaps dress code on R&D geeks: Bin that T-shirt, put on this tie
- Analysis Ballmer's billion-dollar blunders: When he gambled Microsoft's money and lost
- Exclusive + analysis How to waste two years and lose $415m: Cisco's now-dead Whiptail deal
- Blighty tablet sales plunge 31 per cent in saturated market
- Q. How much did Google just spend applying political pressure in the US? A. $4.6 million