National DAB business and financial news station Share Radio is to close on May 5th, RadioToday understands.
Presenters and staff were told of the upcoming closure of the station at a meeting held this morning.
Share Radio went national last year, taking the slot reserved for “talkBUSINESS” on the Sound Digital SDL multiplex.
Since it launched in 2014 on DAB in London, it has applied to Ofcom for a London AM licence, and called for more shares to keep the service going. Last year it cut six full time jobs whilst looking for new investment of £2.5m.
SDL is currently obliged to provide a Business and financial news radio station under its current agreement, but can apply for that to be changed with Ofcom. The Government is currently consulting on whether Ofcom approval of changes to multiplexes should still be required.
In a statement to RadioToday, founder and financier Gavin Oldham says he has taken the decision following difficulties in building sufficient revenue and in attracting external investment.
Gavid said: “Share Radio has many supporters in the financial services industry but unfortunately this has not extended sufficiently into working with us as sponsors and advertisers, or indeed financiers. It is therefore with great regret that I have decided to disband our excellent team and close the business.
“I am particularly grateful to our very talented and experienced team, several of whom have background experience in the BBC and financial media. We also particularly appreciate those in the financial services industry who came forward as sponsors for such an early stage business to support our aim of explaining finance to a wider audience. These include Henderson Global Investors, The Share Centre, NS&I, the London Stock Exchange, Equifax and, more recently, JP Morgan.
We’re also very grateful to the very large number of guests and contributors who have made our output so special, including Simon Lambert and the This Is Money team, Claer Barrett and Lord Lee from FT Money, Lyndsey Cook and her Money Fight Club, the Open University, and Tim Evans from Middlesex University – and so many others who sprinkled stardust on Share Radio.”