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Time crisis: Administrators called in

ZDNet UK ZDNet.co.uk

Published: 27 Jul 2005 12:25 BST

The crisis at Granville Technology Group, the UK's largest computer retailer, deepened on Wednesday after the administrators were called in.

According to concerned employees, police have been sent to the Burnley headquarters of Time Computers, which is owned by Granville. It is understood that some employees have been locked into the building.

Staff had been told to expect an announcement at 1100 on Wednesday, but this was cancelled. A further announcement was due at midday.

The company has been besieged by rumours all week after the staff were paid late on two occasions. The company eventually said that its bankers, HSBC, had suspended its credit facilities, but this has been disputed by company insiders.

It was also rumoured that major creditors, including HP and AMD, had suspended deliveries. Earlier this week, the company halted most of its production forcing some staff to take holidays.