Confusion over Tiny and Time brands binds administrators

By Matt Whipp

Posted on 3 Aug 2005 at 15:53

Administrators handling the liquidation of Granville Technology and its Time and Tiny computer brands says it has had interest from 'sensible' people interested in a number of assets, but is unable to determine who owns the Time and Tiny brands.

Grant Thornton UK LLP said it has fielded 300 enquiries into the group's various assets, including remaining stock, the Computer Shop high street chain and its client list, according to the Evening Standard.

However The Independent reports that the administrators are unable to find out who owns the group's greatest assets: the Time and Tiny brands.

With debts understood to top £50m - with £19m owed to the HSBC - the possibility of Granville not owning those brands will be a massive blow to creditors, and those customers who had yet to receive machines at the time of the insolvency.

The group confirmed it was in administration 27 July, shutting the doors to its the Computer Shop chain and dismissing 1400 of its 1500 staff.

Although poor financial records of the group's activities had been kept, on investigation the administrators estimated it had run up debts of around £2mn a month since the start of the year.

Grant Thornton decided not to offer the business for sale as a going concern.

Time and Tiny sold its computers into 2m homes and schools across the UK.