BEF backing helps transform Derbyshire radio station
High Peak Radio has successfully recovered and safeguarded 12 at-risk jobs thanks to a £125,000 investment from BEF.
Company Directors, Ian and Ryan Davies, have worked within the radio broadcasting industry for the majority of their careers. Holding long standing positions as radio station director, manager, and DJ, Ian Davies joined the industry in 1989.
Ryan joined the industry in 2010 and has since held similar positions, whilst both now have some degree of ownership in a range of broadcasting platforms including Imagine Radio and Like Radio which broadcasts on DAB only. This involves not only the broadcasting, but the development of small-scale DAB, the application of DAB licenses and management of cloud technology platforms.
So when the experienced broadcasters took ownership of Derbyshire’s High Peak Radio LTD in June 2019, they could not have possibly foreseen the crisis on the horizon when the Coronavirus pandemic swept the globe.
In order to provide listeners with free entertainment, the local radio station obtains sales from companies who advertise through their platforms. However, as the pandemic and nationwide and local lockdowns ensued, most of the companies who advertised ceased trading or were forced to close, and consequently ceased their paid advertising. This had a dramatic effect on the working capital of the company and they required financial support.
Ryan Davies, director said: "The loan from the Business Enterprise Fund has allowed us to completely transform our business and bring in new digital opportunities for customers. A new streamlined way of working allows us to grow for the future and ensure we are in a good place for the future."
Matt Wood, investment Manager said: "It was a pleasure working with the High Peak Radio management team to deliver the funding they needed to transform their operation and safeguard jobs. The business is set for strong growth and will continue to serve the local community for years to come."
The £125,000 investment was funded solely by BEF, and has been used to maintain the working capital of the radio station. This has successfully safeguarding 12 jobs that may otherwise have been made redundant.
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