Time FM 107.5 Limited, the company which owns and operates Time FM in East London and West Essex has been placed into administration.
Other companies which share the same owner Dr Avtar Lit including Tristar Broadcasting Limited (owner of Time 106.6), London Media Company Limited, Kismat Radio Limited and Sunrise Radio Limited are also in administration.
Lit’s Sunrise Radio 1, 2 and 3 are all separately owned, under the banner of Litt Corporation and are not included in the order.
Time 106.6 won its licence back last year after Ofcom re-advertised it. The regulator said “The ability of Litt Corporation to provide Time with funding as and when necessary, which it has consistently done in the past, also provided reassurance of the applicant’s ability to maintain the service.”
Grant Thornton UK LLP has been appointed the administrator. BizAsia reported the news earlier today and attempted to contact Lit but was awaiting a response at the time of publishing.