Leicestershire commercial radio station Oak FM, based in Coalville, has closed and ceased broadcasting on 28 July after its two directors took insolvency advice from Real Business Rescue - part of Begbies Traynor Group.
Gareth Rusling and Ashleigh Fletcher of national business recovery specialist Begbies Traynor in Sheffield have been nominated as joint liquidators of Oak FM (Hinckley & Nuneaton) Ltd and Oak FM Ltd, the companies that operated the radio station, together with the associated company ATR Media Ltd.
The radio station was bought by its current directors in 2015 and the combination of a new competitor station, reducing Oak FM’s advertiser income, together with a series of historic debts, led to the station being unable to continue trading. It announced its own closure on its website and via social media at 6pm on 28 July. The closure will see the loss of five jobs including the station’s DJs, administrative staff and one director.
“We are investigating opportunities to sell the assets of the business, which include the broadcasting equipment and licences,” said Gareth Rusling, partner at Begbies Traynor.
“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. Unfortunately it will depend entirely on the value of the assets whether these advertisers will get any of their money back.”
The proposed liquidators welcome any interest from potential buyers through the Begbies Traynor Sheffield office on 0114 275 5033. Further information will be issued in due course once enquiries and claims on the business have been assessed.
Ric qualified with Arthur Andersen in 1984 and founded Begbies Traynor in 1989. Ric specialises in practice management and has considerable experience in financial turnaround and dispute resolution within professional practices.