that certain types of goods that they can afford now may be later out of their grasp." When the levy was reduced the following year to 12.5%, Comet benefited from the corresponding brisk upturn in trade, describing sales as "bumper." Despite the fall in profits, during the 1975–1976 period, Comet continued with its expansion plans, opening new outlets across the country. By December 1976, the group had grown to 50 outlets, with plans to increase this to 100 by December 1977. In July 1976, Comet acquired the Eclipse Radio and Television Services chain from Loyds Retail, a subsidiary of Philips. Consumer fears of an emergency autumn budget and changes to the Minimum Lending Rate drove Comet's sales to 15% above predictions in late 1976. Bids and buy-out (1981–1984) In June 1981 the Hollingbery family began to reduce its shareholdings in Comet. Valued at £51 million, the group now included 200 Comet Electrical and Timberland Do-It-Yourself outlets, a jewellery manufacturer and a supplier of Polarcold metal pressings for domestic appliance manufacturers. The family disposed of 8 million shares, raising £9.92 million. Michael Hollingbery explained: "Too much of the family wealth was concentrated in one company." In April 1984 Harris Queensway announced that it was finalising "an agreed bid" of £152 million for the Comet group. The following day, Woolworths (then owned by Paternoster Stores, forerunner of Kingfisher) announced that it had made a £177 million counter-bid, which had been accepted. Hollingbery retained the Comet chair after the sale, which took place in May 1984. Hostile takeover bid for Dixons (1989–1990) In December 1989, Kingfisher announced a £461 million hostile takeover bid for Dixons. Dixons had acquired Currys in 1984, and Kingfisher said that if the bid was successful it would retain both brand names along with Comet. Dixons retaliated by preparing a submission to the Office of Fair Trading (OFT) stating that a merger of Comet, Currys and Dixons would create a monopoly in out-of-town retail parks. Stanley Kalms, Dixons' chairman, said: "[This] is about a virtual monopoly in retail parks, the fastest growing sector of the business. Out-of-town there are only two competitors, Currys and Comet." Kingfisher claimed that the combined market share of Currys, Dixons and Comet would only represent 22%, below the threshold of 25% which would trigger an investigation by the Monopolies and Merger Commission (MMC), while market researchers assessed the combined share as 26%. On 16