Radar Radio’s most recent company accounts have shown another massive decline since the radio station suspended its broadcasting in April this year.
The radio station, owned by Ollie Ashley, the son of businessman Mike Ashley, has ammased over £4 million in debts over the last 3 months with no real answer as to what they’re planning to do.
The balance sheet shows that Radar owes more than £4m to its creditors, with the sum falling due within a year of the period ended April 2017. The bulk of this debt (around £3.6m) is owed to MASH Holdings Limited, which is Radar’s parent company and also the entity through which Ashley Snr. More than £400,000 is due to trade creditors – the term given to suppliers of business goods or services who haven’t yet been paid. This represents a significant increase in expenditure since the previous accounting period, for which only £7,287 was owed to trade creditors.
MASH Holdings has again stated its intention to support Radar financially for at least another 12 months. MASH Holdings’ accounts for the same period were due by the July 23, 2018, but at the time of writing no update has been filed with Companies House.
The filing also includes an estimated cost for the redundancy of all staff (£270,000), and for professional fees related to the decision to cease broadcasting operations (£230,000). However, since the decision to suspend broadcasting was made almost a year after the period end date of the company’s accounts, no provision for any actual costs of the station’s shuttering are included in the filing.
There has been no official word from Ollie or the team regarding the situation.