'Massive consequences of Comet collapse' - Vince Cable

Comet stores are to close their doors for the last time on Tuesday, bringing the failed electrical retailer's 79-year history to an end.

The chain's collapse will cost the government £49.4m in redundancy payments and foregone tax revenues.

The redundancy money owed to thousands of former Comet workers totals £23.2m and will be paid by the government's Redundancy Payments Service.

Business Secretary Vince Cable told BBC News that there was sufficient grounds for an investigation into the collapse of the retailer.

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