TLRC sells Arrow FM and Sovereign Radio

LONDON - The Local Radio Company has sold Hastings-based Arrow FM and Sovereign Radio in Eastbourne to Media Sound Holdings, owner of Sussex-based Bright FM and Splash FM for £100k.

TLRG: sells radio stations
TLRG: sells radio stations

Arrow FM has an audience of 21,000 listeners a week in East Sussex, according to Rajar figures for the first quarter of 2009. In the eight months to 31 May, Arrow had a turnover of £221,998, an operating loss of £118,167 after central costs and owed £950,358 in liabilities.

Sovereign Radio transmits to 26,000 listeners a week across Eastbourne in East Sussex. It had a turnover of £309,208 in the eight months to 31 May 2009, an operating loss of £85,905 and liabilities of £765,435.

Media Sound Holdings' existing radio properties are also based in Sussex - Bright FM is based in Burgess Hill, West Sussex, and 107.7 Splash FM broadcasts from Worthing.

Last week, TLRC decided to close High Wycombe-based Mix 107 and hand the licence back to Ofcom on 1 July.

Earlier in June, TLRC sold Macclesfield radio station Silk FM for a nominal sum, as well as its 80% stake in Fire Media, which broadcasts Bournemouth station Fire, for £1, plus a deferred payment of a reported £40,000.

UKRD, led by chief executive William Rogers, took control of TLRC, which at the time operated 20 local radio stations, including Arrow FM, Wessex FM and The Quay, in May after a takeover battle with Hallwood, an investor group led by TLRC chairman Anthony Gumbiner.

The sale of Arrow FM and Sovereign Radio are the fourth and fifth moves