March 9 2014 Latest news:
Sam Blewett, Reporter
Wednesday, February 5, 2014
Time 107.5 FM, which was sold yesterday, has taken its presenters off air and will play back-to-back music for the next 48 hours, a spokesman says.
Time FM 107.5 Limited was taken into administration last month and bought out yesterday morning.
Previous owner Dr Avtar Lit said: “They paid a lot of money for it yesterday so I’m surprised it has gone off air.”
He added that he ran the company at a loss for the last eight years and needed to sell it after its finances were affecting the other stations in his portfolio.
Speaking to the Recorder on January 23 after company went into administration, station manager Lorna Waters said: “We’ve got a buyer and [the administration] is not going to have any affect.
“We will remain on air and there will be no job cuts.
“Nobody will even notice.”
Dr Lit, who appears at number 84 in The Sikh 100 which lists the most powerful Sikhs worldwide, also had four other companies placed into administration.
These are Tristar Broadcasting Limited (owner of Time 106.6), London Media Company Limited, Kismat Radio Limited and Sunrise Radio Limited.