Mon, 01 Aug 2016 | ADMINISTRATION
A commercial radio station called Oak FM, operating in Leicestershire, has stopped broadcasting, going off air suddenly when its evening news bulletin was due on 28 July 2016, and is now in the hands of liquidators.
The station shut down after its two directors received insolvency advice. Gareth Rusling and Ashleigh Fletcher of Begbies Traynor have been brought in as the joint liquidators of Oak FM (Hinckley & Nuneaton) Ltd and Oak FM Ltd, and its associated company ATR Media Ltd.
The closure means five job losses, for the stations DJs, administration staff and one director, liquidator Mr Rusling confirmed. They are now looking into selling the business' assets, which feature broadcasting equipment and related licences.
Mr Rusling said: “There are a number of creditors, including six local businesses that have paid for £7,000 worth of advertising in advance, and we are working to assess the likelihood of any return to these firms that are owed money."
The current owners had purchased Oak FM in 2015, which was formed out of a merger of two local stations — Fosseway Radio and Oak 107 FM — in 2008. It encountered difficulty due to increased competition in the form of a new radio station and historic debts, which led to trading becoming unviable.
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