Fox has since moved on, but did he, or his successors, ever regret that statement or indeed retain that view, I wonder?

Comet's parent Kesa has just issued a trading statement for the period from 1 February to 18 July. Chief executive Jean-Noel Labroue was pleased to report that all its businesses had delivered good revenue performances over the period, particularly in the second quarter when they were up against strong figures last year. For the second half, he anticipates that consumer confidence in continental Europe will remain solid but uncertain in the UK.

Comet delivered what was described as a 'satisfactory performance'. Revenue grew by 3.4% and 1.6% on a like for like basis. However, that disguised a flat performance in May and June, while admittedly last year the World Cup was boosting sales.

Labroue had 'nothing to add' over press speculation about his retirement plans, seemingly fuelled by the changes at DSG. He expected to be around next year for the annual results and 'then we'll see'.

Over at DSG, group chairman Sir John Collins will become more involved in day-to-day activities when chief executive John Clare retires at its AGM in September. John Browett (from Tesco) who will replace Clare will not be joining until 5 December.

Impressive

Though Comet's performance was generally regarded as solid, analysts may have been a little more questioning if they had had John Lewis's figures to hand. The department store chain that has made electricals a real focus area had a difficult May, but since then trade has picked up significantly with doublefigure growth of 'electricals and home technology' in June and a record first week of clearance. The first three weeks of July saw sales up by 10%, with the only blip a marginal decline in the final week of the half year (to 28 July).

For the twenty-six weeks, sales grew by an impressive 6.7%, just ahead of the overall all-product group figure. 'A performance that stacks up well against the high street as a whole', suggested Dan Knowles, director of selling operations. John Lewis Direct continued to progress, up by 44%, aided by a 'healthy' performance from electricals.

Meter

Homebuy, the metered-television business aimed at the sub-prime market, has been bought out of administration by a £22 million management buy-out led by managing director Phil Goad and backed by turnaround fund Endless and Landsbanki Commercial Finance.

The original Homebuy business, formed in 2003, was once valued on the AIM market at an incredible £100 million. Administrators were appointed in September last year when the company's bankers withdrew support for its ambitious plans. Homebuy had purchased Telebank (from BoxClever), and even diversified into retail shops, opening a couple of PerfectHome outlets to compete with BrightHouse. A fall in cash collection, spiralling costs and aggressive accounting policies were blamed for the company's demise.

The new Walsall-based company will serve around 60,000 households, with a workforce of 400, a national distribution centre in Manchester and eight service depots. Annual turnover will be £35 million.

Before it embarked on the rapid expansion of its meter business, Homebuy had been a modest acquirer of rental bases from the likes of Telebond, Yeoman & Russell and Colour Scene. About twelve thousand accounts remain and these have been bought by Huntingdon-based Dial-A-TV.

Interestingly, when the company wrote to Homebuy's rental customers to advise of the change in ownership, they were deluged by calls and letters from customers who did not even know they were with Homebuy and predictably had been trying to get service for months.

Dial-a-TV has also acquired about four thousand accounts from Richards in Birmingham, a more traditionally run rental business with 'excellent quality established customers'. Gary Nichols tells me that when the integration process has been completed, he'll be on the look out for more.

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