Radio bidders increase offers

BIDDERS vying for the radio station group that owns Macclesfield’s Silk FM and Burnley’s 2BR have increased their offers.

Earlier this week suitor UKRD said it was now offering 3.25p a share for The Local Radio Company, up from the 2p it proposed last month.

Now Hallwood Financial, a company linked to Anthony Gumbiner, non-executive chairman of the High Wycombe-based Local Radio Company, has increased its offer price to 3.5p, valuing the company at £2.5m.

Hallwood now has 28% of the company. UKRD, which bought an additional one million shares on Wednesday, has 15% and said it has the backing of around 38% of shareholders.

Last month Local Radio announced a share offer in a bid to raise cash needed to restructure the business which has been hit by a fall in advertising and listeners.