Feeds

Missing assets prompt probe into Granville accounts

Time/Tiny administrators said to be seeking £8m

Build a business case: developing custom apps

Administrators are trying to work out what happened to as much as £8m worth of assets at the Granville Technology Group, the company behind the Time and Tiny computer brands that went into administration in late July this year.

In a letter to creditors, Grant Thornton says the investigation is centring on the brothers behind the firm, Tahir Mohsan and Tariq Mohammed, the transfer of assets to offshore companies, and missing hardware stock.

Apparently, Burnley-based Granville transferred around £3.3m worth of stock to a France-based start up. The shares were put in an "offshore vehicle" The Sunday Times reports, totally unconnected with the parent company.

The Sunday Times, which has seen a copy of the letter to the creditors, reports that in addition to the transferred assets, around £4m worth of PCs and other stock is missing. Grant Thornton told us that it could not confirm this number.

"We have no records of the shop stock, so any number here is going to be a shot in the dark," a spokesman said.

Administrators have also been unable to recover minutes from board meetings, and say management accounts have not been prepared for more than 12 months.

The newspaper also reports that Grant Thornton is considering legal action against the directors of the firm.

Granville Technology collapsed at the end of July this year, with the loss of 1,500 jobs. The company was initially thought to owe around £30m, but it later emerged that the debts were closer to £70m.

One of the company's main secured creditors, HSBC, has been informed that it is unlikely to see any of the approximately £20m that it is owed.

At the time of the company's collapse, Granville said it was owed in the region of £11.2m. Grant Thornton now says this is probably overstated. ®

5 things you didn’t know about cloud backup

More from The Register

next story
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
Premier League wants to PURGE ALL FOOTIE GIFs from social media
Not paying Murdoch? You're gonna get a right LEGALLING - thanks to automated software
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Ballmer quits Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Online tat bazaar eBay coughs to YET ANOTHER outage
Web-based flea market struck dumb by size and scale of fail
Kate Bush: Don't make me HAVE CONTACT with your iPHONE
Can't face sea of wobbling fondle implements. What happened to lighters, eh?
Amazon takes swipe at PayPal, Square with card reader for mobes
Etailer plans to undercut rivals with low transaction fee offer
Call of Duty daddy considers launching own movie studio
Activision Blizzard might like quality control of a CoD film
prev story

Whitepapers

5 things you didn’t know about cloud backup
IT departments are embracing cloud backup, but there’s a lot you need to know before choosing a service provider. Learn all the critical things you need to know.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.
Rethinking backup and recovery in the modern data center
Combining intelligence, operational analytics, and automation to enable efficient, data-driven IT organizations using the HP ABR approach.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.