Feeds

Missing assets prompt probe into Granville accounts

Time/Tiny administrators said to be seeking £8m

Boost IT visibility and business value

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. ®

Best practices for enterprise data

More from The Register

next story
Amazon says Hachette should lower ebook prices, pay authors more
Oh yeah ... and a 30% cut for Amazon to seal the deal
Philip K Dick 'Nazi alternate reality' story to be made into TV series
Amazon Studios, Ridley Scott firm to produce The Man in the High Castle
Nintend-OH NO! Sorry, Mario – your profits are in another castle
Red-hatted mascot, red-colored logo, red-stained finance books
Sonos AXES support for Apple's iOS4 and 5
Want to use your iThing? You can't - it's too old
Joe Average isn't worth $10 a year to Mark Zuckerberg
The Social Network deflates the PC resurgence with mobile-only usage prediction
Feel free to BONK on the TUBE, says Transport for London
Plus: Almost NOBODY uses pay-by-bonk on buses - Visa
Twitch rich as Google flicks $1bn hitch switch, claims snitch
Gameplay streaming biz and search king refuse to deny fresh gobble rumors
Stick a 4K in them: Super high-res TVs are DONE
4,000 pixels is niche now... Don't say we didn't warn you
prev story

Whitepapers

7 Elements of Radically Simple OS Migration
Avoid the typical headaches of OS migration during your next project by learning about 7 elements of radically simple OS migration.
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.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Solving today's distributed Big Data backup challenges
Enable IT efficiency and allow a firm to access and reuse corporate information for competitive advantage, ultimately changing business outcomes.
A new approach to endpoint data protection
What is the best way to ensure comprehensive visibility, management, and control of information on both company-owned and employee-owned devices?