By Daniel Hunter

Deloitte, the administrators in charge of Comet, have warned that the electrical chain's demise will cost the government £49.4 million in redundancy payments and 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 (RPS). Meanwhile, £26.2m is owed in taxes to HM Revenue & Customs (HMRC).

Having entered administration last month, the final 49 Comet stores will be closed today (Tuesday).

The 236-store business, which at the time employed about 7,000 people, was bought last year for the nominal sum of £1 by private equity firm OpCapita.

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