LNR’s Finances Approved

The Radio Authority has approved the finances of London News Radio, the consortium that has won the franchise from LBC.

The Radio Authority had to be satisfied that one month after awarding the franchise the promised funding was in place. The authority has a written assurance from Guiness Mahon that the promised £4m is available.

Bruce Fireman, the Guinness Mahon banker responsible for the application and who plans to become managing director, is the only major shareholder at present. The fact that there are no other shareholders at present is not important to obtaining approval by the Radio Authority.

Dame Shirley Porter, chairman of LBC, said of the news that LNR does not have all its shareholders, “I think that all LBC listeners will begin to question why there was ever a need to change”.

Dame Shirley will bid for the national commercial speech station in 1995.

LNR 071 603 8632