TLRC sells Quay, keeps Spirit
TLRC has sold its share in Portsmouth station The Quay to Portsmouth Football Club, and taken back full control of Spirit FM in Chichester.
The move sees the end of the former Quadrant Media joint venture between TLRC and Portsmouth FC, in which the company joint owned Spirit, Quay and Isle of Wight Radio.
Spirit FM is now 100 per cent owned by TLRC, after Portsmouth FC's 26 per cent holding changed hands for a consideration of £80,000.
William Rogers from UKRD tells RadioToday.co.uk: "This brings to a close the portfolio review we have carried out and subsequent actions taken to get the tlrc portfolio as a whole into a profitable state. I am delighted that The Quay is going to a home which is passionate about Portsmouth and I wish them every success.
"The deal also gives tlrc 100% ownership of Spirit FM and, as a result, tidies up our ownership of all the stations in the portfolio."
The Quay Radio has an audience of 48,000 listeners and in the ten months ended 31st July 2009 the station had a turnover of £535,835 and an operating loss of £181,141 after central costs. At 31st July 2009 the station had net liabilities of £296,985.
Spirit FM has an audience of 43,000 listeners listening for 372,000 hours per week and in the ten months ended 31st July 2009 the station had a turnover of £707,154 and an operating profit of £7,049 after central costs. At 31st July 2009 the station had net assets of £95,265.