Scottish Radio Holdings (SRH) has paid £3.2 million for the remaining 60% stake in Carlisle Radio (CFM) it does not already own, the group announced this morning.
CFM started broadcasting to Carlisle and West Cumbria in April 1993 and covers an area with a population of 230,000; 47% tune in each week. Its share of listening is 31.4%. In terms of share of listening in its own area, this places CFM in the top ten local radio stations in the UK, says SRH.
CFM has been profitable since 1995 and has annual turnover of approximately £1 million. Its prospects are good and the acquisition is expected to be earnings-enhancing for SRH, the group said. At the time of acquisition CFM had cash resources of £0.4 million. SRH has no bank borrowings and at 31 March 2001 had cash resources of £27.5 million.
CFM is run by Managing Director, Cathy Kirk, who was previously marketing manager at Radio Forth in Edinburgh, also owned by SRH.
