The Local Radio Company have sold another station which failed to make a profit during their ownership.
East Merseyside station 106.7 The Rocket has been sold back to original owner Ray Ferguson and a colleague for a total of £100,000 in cash. TLRC bought the station in January 2005 for over 500 thousand pounds.
At the end of September the station had a turnover of £166,000, with operating losses of £223,000 and net liabilities of £319,000.
When TLRC bought the station the figures were somewhat different. In the year ended 31 May 2004, KCR FM had total sales of £200,000, a loss before tax of £108,000 and net liabilities of £31,000.
Richard Wheatly, Chief Executive of TLRC, said:
'In our Interim statement we said that stations that did not respond to profit improvement plans would be traded out of the Group. This is the second such station to be sold, reflecting our determination to move the business ahead in difficult trading conditions.'
TLRC bought the station, previously known as KCR, in January 2005 and rebranded the station to 106.7 The Rocket.