Time Computers has hit back at rumours that it is experiencing financial difficulties.

The PC manufacturer announced today it has closed 12 of its 150 stores across the country, but insists these are simply part of an ongoing retail review.

“We closed stores in bad locations where leases had run out or where other Time stores were located nearby,” said Time spokesperson Ayeshea Domun.

London's Oxford Street and Piccadilly flagship stores closed on Monday.

The company insists all staff will be relocated in 10 new stores expected to open by the end of the year.

“We do not foresee any redundancies,” said Domun, who claimed the cost of relocation was “negligible”. She was unwilling to comment on how much revenue the moves are expected to generate.