Penk’s Revolution is over as he bows out
STEVE Penk has sold his Oldham radio station 96.2fm The Revolution after running it for five years.
It has been acquired by Matt Ramsbottom, the former managing director of Birmingham-based commercial radio operator Orion Media, through a new vehicle called Credible Media.
Prior to Orion Mr Ramsbottom was sponsorship and promotions manager at Tower FM in Bolton.
Mr Penk bought The Revolution in 2008 from the Oldham Chronicle publisher Hirst, Kidd & Rennie, and Cornwall-based radio company UKRD Group.
No one at the station could be reached but Mr Penk told Radio Today that the deal had completed this morning. The financial details were not disclosed.
He said: “I would like to take this opportunity to thank all the team, past and present for their hard work and loyalty over the last five-and-a-half years. I have enjoyed developing both the radio station and the brand through a tough financial period and will miss the staff, customers and listeners.”
In 2011 the station, which is registered as Oldham FM, was forced to strike a deal with creditors through a company voluntary arrangement (CVA). According to papers filed at Companies House it agreed to pay a total of £139,200 over a period of five years, representing a settlement of 53p in the pound.
