Bids have been made for shut-down station

Radio service went off air this summer

SHUT-DOWN radio station Oak 107 could be sold off as part of an administrative insolvency.

Expressions of interest for purchasing the assets and applying for the licences of the operation have been received by business recovery specialists Begbies Traynor.

The station went off the air suddenly at 6pm on Thursday July 28 apparently amid crippling debts. Five jobs were lost.

Bosses behind Cross Coun- ties Radio had been keen to make a bid to retain the licence for the area and so preserve a community based station.

The licence was gained in the late 1990s only after five years of lobbying in a head to head competition between Cross Counties and Fosseway Radio. The licence went to Fosseway which with rebrands and mergers became Oak FM.

It has not been confirmed if the bid by Cross Counties remains in the running.

Gareth Rusling of Sheffield based Begbies Traynor and joint administrator said: “We have received expressions of interest from various third parties in relation to purchasing the assets and assigning the licences, of the business.

“While it is still proposed that the company will enter into a formal insolvency process, it is anticipated that this will now be via an administration rather than a liquidation. We hope to be able to sell the assets of the company shortly, maximising realisations for the company’s creditors.”

The radio station was bought by its current directors in 2015. A statement said a combination of a new competitor station, reducing Oak FM’s adver- tiser income, together with a series of historic debts, led to it being unable to continue trading.

It announced its own closure over the airwaves, on its website and via social media at 6pm on July 28. The closure saw the loss of five jobs including the station’s DJs, administrative staff and one director.

There are a number of creditors, including six local businesses which have paid for £7,000 worth of advertising in advance.

Any transfer of licence would have to be agreed by Ofcom.