Local Radio Company Acquires 25th Station

The Local Radio Company has announced an offer to purchase the remaining shares of South West Sussex Radio Limited, trading as Spirit FM, giving the company complete control over the broadcaster in a deal which values the company at approximately £3.1 million.

The deal will see LRC take control of Spirit, broadcasting on the South Coast to Chichester, Bognor Regis and Littlehampton on 96.6FM & 102.3FM. In addition, the station recently installed a new relay, extending its broadcast area from Midhurst to Horsham broadcasting on 106.6FM.

In the year ending 30 September 2004, Spirit had total sales of £925,000 and profit before tax of £137,000, with audited net assets worth £278,000, including cash of £257,000.

Commenting on the acquisition, Richard Wheatly, chief executive of the Loval Radio Company said: “Spirit FM is another excellent acquisition for our Company. It is a leading station in its market, has a great team and makes good profits. We are delighted to welcome it to the Group and its presence will greatly strengthen our coverage of the South Coast.”

Spirit FM has seen its weekly reach fall drastically over the past 12 months, losing 31.3% year on year in September. The station now commands a total weekly listenership of 33,000, a figure which the Local Radio Company will be keen to increase in the coming months.

Local Radio Company: 01494 688200 www.thelocalradiocompany.com

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