Monday, 27 October 2008

Administrators of Quaywest parent Laser look to sell off radio stations

ADMINISTRATORS have been appointed to Laser Broadcasting, which owns West Somerset station Quaywest 102.4 FM, based in Watchet, and Bridgwater’s Quaywest 107.4 FM.
The Darlington-based parent company applied to High Court, in Leeds, to be placed into administration in order to pre-empt an attempt by a creditor to have it liquidated.
A winding-up petition had been sought by Capital North East No1 Ltd Partnership, a Gateshead-based venture capitalist.
Laser Broadcasting owns seven other stations in the UK, including Bath FM, Brunel FM, in Swindon, and 3TR, in Warminster.
Solicitor Robert Abblestone, of CW Harwood and Co, in Leeds, who presented the winding-up order, said: “Laser has now been placed into administration with immediate effect.
“I cannot comment on what that will mean for the nine radio stations they own.”
However, experts from business rescue firm Begbies Traynor were appointed on Friday as administrators for the failed radio group.
Andy Haslam, of Begbies Traynor, said: “The radio stations will now go under an extended marketing period, where companies can bid for them.
“I understand that Brunel FM will be part of three radio stations in the South West, and two others, which will be sold together as a group.
“We have successfully rescued the radio stations. It is up to the new owners to take it from here.”
The other Laser stations are three Sunshine-branded studios in Ludlow, Hereford and Worcester, and Hereford and Monmouth, and Fresh Radio, based in Skipton, in the North Yorkshire Dales.

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