One million injection for TLRC
UKRD has made good on their its of a £1.5m cash boost to The Local Radio Company, which was required in order for the company to continue trading.
The terms of the loan includes a facility of up to £1m, monthly draw downs, a nine percent interest rate and is valid for an initial term of six months.
UKRD now owns over 50 per cent of The Local Radio Company, and has recently announced their offer to purchase the remaining shares still stands.
The Local Radio Company owns Alpha Radio, 107.8 Arrow FM, Durham FM, FIRE Radio, Isle of Wight Radio,Minster FM, Minster Northallerton, Mix 107, Mix 96, 107.4 The Quay, 106.9 Silk FM, 107.5 Sovereign Radio, 102 Spire FM, Spirit FM, 97.2 Stray FM, 103.4 Sun FM, 2BR, Wessex FM and two Yorkshire Coast Radio branded stations.
UKRD owns County Sound Radio 1566 MW, 96.4 Eagle Radio, KL.FM 96.7, Pirate FM, Star Radio Cambridge and North Somerset's Star Radio.