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Household name electronics retailer Comet is poised for a resurgence – 13 years after it ceased operations.

Online marketplace OnBuy.com has snapped up the Comet brand and is set to relaunch it as an online-only enterprise. , founder of OnBuy, has revealed plans to invest over £10million in reviving Comet, retaining its iconic branding.

Originally established in Hull in 1933 as a vendor of batteries and radios, Comet expanded to become a powerhouse on the high street. However, the 236-store chain became one of Britain's most high-profile high street casualties when it collapsed in 2012 after suffering heavy losses, resulting in 7,000 job losses.

OnBuy intends to unveil the new Comet website by Christmas, though it has ruled out any return to brick-and-mortar retailing, reports .

"I am so excited, so thrilled," said Mr Paton, "Growing up, I went to Comet to get what I needed. It was a brand that was close to me personally. We want to bring Comet back to the º£½ÇÊÓƵ consumer. It's a household name that we estimate is recognised by 70% of º£½ÇÊÓƵ adults."

The revamped Comet is designed to operate as an online storefront where electrical manufacturers can showcase and market their products.

Yet, it faces tough competition in a fierce market dominated by giants such as Amazon and established chains like Currys. Nonetheless, Mr Paton, who launched his entrepreneurial journey at the age of 21 with £80 post Royal Navy service, is confident that the allure of the Comet brand will prevail.

Despite the presence of major competitors, the married father-of-four is confident that he can even outdo his rivals in terms of pricing. "Consumers will have more choice and more competitive prices," he declared.