Baggy tie ruined a lot of memory (8)

I believe the answer is:

gigabyte

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'a lot of memory' is the definition.
I can't tell whether this defines the answer.

'baggy tie ruined' is the wordplay.
'ruined' indicates an anagram.
'baggy'+'tie'='baggytie'
'baggytie' is an anagram of 'GIGABYTE'.

Can you help me to learn more?

(Other definitions for gigabyte that I've seen before include "Unit of information" , "Unit of computer memory" .)

I've seen this clue in The Daily Express.

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