Feeds

Missing assets prompt probe into Granville accounts

Time/Tiny administrators said to be seeking £8m

Next gen security for virtualised datacentres

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. ®

Secure remote control for conventional and virtual desktops

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
BBC: We're going to slip CODING into kids' TV
Pureed-carrot-in-ice cream C++ surprise
TROLL SLAYER Google grabs $1.3 MEEELLION in patent counter-suit
Chocolate Factory hits back at firm for suing customers
Twitter: La la la, we have not heard of any NUDE JLaw, Upton SELFIES
If there are any on our site it is not our fault as we are not a PUBLISHER
Facebook, Google and Instagram 'worse than drugs' says Miley Cyrus
Italian boffins agree with popette's theory that haters are the real wrecking balls
Sit tight, fanbois. Apple's '$400' wearable release slips into early 2015
Sources: time to put in plenty of clock-watching for' iWatch
Facebook to let stalkers unearth buried posts with mobe search
Prepare to HAUNT your pal's back catalogue
Ex-IBM CEO John Akers dies at 79
An era disrupted by the advent of the PC
prev story

Whitepapers

Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
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.
Advanced data protection for your virtualized environments
Find a natural fit for optimizing protection for the often resource-constrained data protection process found in virtual environments.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.