The appointed administrators for Club Asia’s sale, Mazars, has told BizAsia.co.uk that the interest from potential buyers has been “substantial”.
As revealed first on BizAsia.co.uk yesterday, the sale of Club Asia will be handled by Rod Weston and Tony Flynn from international accountancy firm and business recovery group, Mazars.
In a statement, Rod Weston commented, “The business has encountered difficulties due to current harsh economic conditions. We are keeping the station on air whilst marketing it for sale as a going concern. We have already received substantial interest and are liaising with a number of interested parties. We are hopeful that a sale will be achieved as Club Asia has a number of valuable strengths.”
He added, “Media companies have really felt the strain as businesses seek to reduce costs. However, with its strong listener base and niche appeal, Club Asia has great potential to thrive as the upturn starts to take effect.”
Mazars also informed BizAsia.co.uk that it was “difficult to say when (and if) we will announce a new owner as we have to review all the offers first to assess their suitability first. So far we have had substantial interest.”
Mazars will supply information relating to the company only after signing a non-disclosure agreement to protect sensitive information about the station.
An non-disclosure agreement is a document that any party interested in purchasing the business must sign to make sure that they do not disclose any confidential details they may find out during the course of subsequent discussions. As soon as Mazars receives a signed NDA from an interested party they will begin discussions with them.
Club Asia was founded in 2003 by directors Humerah Khan and Sumerah Ahmad. The station, which has 17 employees, has been instrumental in the emergence of new Asian music stars and is widely recognised as the UK۪s leading brand in the Asian youth market.