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Cuts employees, takes on staff

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Time Group is going to cut jobs at Time Computers but take on more staff at its other businesses to help it ride out the slowdown in the PC market.

There will be a net gain of 100 jobs at the company's Burnley HQ according to marketing director Mike Phillipson.

The company says it will try and place the redundant Time Computer staff in positions within its mobile communications business
Time Talk and its catalogue/web business TimeXtra. The job juggling will be completed by the end of December.

Time Group is also very upset about reports it has been in debt refinancing talks with its bank HSBC, and denies the rumours. In a statement it has said:

"Over the past 18 months, Time Group has invested over £30 million of its own funds in new growth areas including Time Talk and TimeXtra. There has been no refinancing of debt as reported in certain newspapers.

The core business of PC sales has been in the process of being realigned over the past 3 months due to a fall in PC sales Worldwide. The process will be complete by the end of December and will leave the core business on track to increased profitability.

Time Group's audited accounts show continued growth with a turnover of £245million until June 2000, with strong cash reserves of over £20 million."

Time rival Tiny Computers is not expecting to suffer the same slowdown in PC sales. It boasts it is going to have a 30 per cent rise in business over the Christmas holiday season, and has announced it is investing almost £2 million in sales support to handle it. ®

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