Newcastle-based independent radio group, Forever Broadcasting, has bought Grand Central Broadcasting (GCB), holder of Chesterfield’s Peak 107FM, for £4.8 million, the company announced this morning.
In the year to 30 September 2000, the latest period for which it has audited financial statements, GCB recorded a turnover of £741,904, a loss on ordinary activities after taxation of £3,767 and at that time had net assets of £148,644. In the RAJAR survey for the first quarter 2001, Peak had a weekly reach of almost 94,000 listeners and an average hours per listener of 10.8.
Forever says it is confident of being able to build on the operational performance of Peak and generate additional advertising revenues.
Commenting on the acquisition, John Josephs, chairman of Forever said: “Peak has been broadcasting for less than three years and has already built a substantial presence in its marketplace. [It] has recently increased its survey area to 401,000 adults and we believe we can help the management team to develop the station’s audiences, revenues and profitability. Unlike most UK radio markets of this size, Chesterfield is a market in which there is no significant competition from older established commercial radio services”.
Forever Broadcasting was established in September 1999 and currently owns four radio stations: Juice 107.6FM in Liverpool; Tower FM, broadcasting to Bolton and Bury; Surf 107.2 in Brighton and 107.7 The Wolf in Wolverhampton.
