Wednesday, 29 October 2008

EXCLUSIVE: Quaywest radio has new owners after parent put into administration

QUAYWEST 102.4 FM Radio was under new ownership this week after parent company Laser Broadcasting sold the Watchet-based station and four others in its stable.
It follows Laser going into administration last week to avoid a winding-up order which had been filed in the High Court by one of its creditors.
Business rescue specialist Begbies Traynor was called in to sell off the Laser’s assets, which included subsidiary Laser South West, the owner of the five loss-making stations.
Begbies Traynor quickly arranged for property developer John Roberts to buy the five Laser South West stations though his Exeter-based company South West Radio Ltd.
The news will be a blow for Quaywest station manager Dave Englefield, who had put together a rescue deal to temporarily run it along with Bridgwater sister station Quaywest 107.4, with a view to buying both once Laser’s affairs were straightened out.
Mr Englefield created Bridgwater Broadcasting Services to keep the two stations going and had teamed up with Bridgwater firm Southwest Media Consulting.
The other Laser stations sold to South West Radio were Bath FM, Brunel FM, and Warminster-based 3TR, all of which were only acquired by Laser in June of this year.
South West Radio spokesman Paul Roberts, son of John Roberts, said: “We are very excited.
“From a business point of view we really believe that the station can continue to be a vital part of the local community.
“We have some excellent skills already situated in the station and are working closely with the staff to help them out of the tough period that they have experienced recently under the previous arrangement.
“We aim to continue and improve on what works so well, maintaining quality local radio.”
In Bath, the Laser station was also being run temporarily by a local business, Triple Media, which said it was ‘looking after’ the station with a view to purchasing it.
Triple Media chief executive Gary Cottier-Jansen said he been running the station ‘on Laser’s behalf’ for the several weeks and that he still wanted to acquire it.
Other stations owned by Laser are Sunshine 106.2, Sunshine Gold, Sunshine AM, and Fresh Radio. There was no word on their future.

No comments:

Post a Comment

Note: only a member of this blog may post a comment.