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Time Runs Out for Computer Retailer

Posted on: Wednesday, 27 July 2005, 18:00 CDT

GRANT Thornton is to be appointed administrator to failed computer group Time, writes Nick Goodway.

Parent company Granville Technology Group was in court today, applying for the appointment of administrators to protect it from creditors.

The manufacturer and retailer of Time and Tiny computers owns and runs 78 stores under The Computer Shop brand, which remained closed today.

They were shut yesterday, as first reported in the Evening Standard, after the group's main banker, HSBC, refused to handle further credit-card transactions because the company had defaulted on a loan.

All the company's directors, other than non-executive chairman Bill Davies, have reportedly resigned from the board. Time has a factory near Burnley and employs about 1500 people.

It claims annual sales approaching Pounds 250 million with most of its two million personal computers and laptops used in schools and homes. Time also sold computers through direct advertising and through stores such as Tesco, Asda and Woolworths.

No one at the firm's headquarters could confirm reports the group has begun laying off staff.

Shops today displayed signs claiming that they were closed for annual stocktaking.

Three years ago, what was then Time Group bought its rival Tiny Computers after it had gone into administration.

Customers who have ordered new computers and those who have existing ones covered by warranties issued by the company complained they had been unable to get through on any of the Time or Tiny helplines today.

Source: Evening Standard; London (UK)

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