Grant Thornton said it hoped the acquisition would increase the Time Group’s turnover to over £300m.
Andrew Hosking, administrator to Tiny Computers, said: ‘Competition in the sector has been savage and consolidation inevitable. Tiny did not adjust its overhead base in response to sales down some 40%. In consequence substantial losses were incurred.
He added: ‘In current market conditions we are delighted to have achieved a sale of the business as a going concern: this protects the interests of customers, staff and creditors.’
The deal will see Time acquire 150 stores, to be rebranded as The Computer World by June. Technology such as digital cameras, Bluetooth goods and broadband Internet will figures as some of the new products on offer.
It is yet to be agreed if there will be any job losses, but some redundancies are expected as the company restructures.
Tariq Mohammed, marketing Director for Time Group said: ‘The Computer World stores allow the group to gain a significant market share of the associated PC related products market, where it has virtually no presence. The Computer World stores will offer customers better value and a more personal service than our competitors.’
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies