Duke Capital has committed an additional £2.9 million to its partner Step Investments, raising its ownership in a company overseeing three radio stations. This investment has enabled Step to increase its stake in Bay Broadcasting from 34 per cent to a commanding 75 per cent.
Bay Broadcasting, based in Dublin, owns interests in several radio stations, including Choice Broadcasting (trading as Ireland’s Classic Hits), Classic Rock Broadcasting (trading as Radio Nova), and Star Broadcasting (trading as Sunshine 106.8).
Step Investments is active in various sectors across the UK and Ireland, with a focus on education, cinema advertising, outdoor digital advertising, and radio stations. The group encompasses companies such as Pearl and Dean Cinemas Limited and Pearl and Dean Ireland.
The recent financing brings Duke Capital’s total investment in Step to £11.5 million. Neil Johnson, CEO of Duke Capital, expressed satisfaction with the continued partnership, highlighting the strategic benefits and enhanced security position this transaction brings. He noted that since 2018, Step has diversified its operations and consistently added profitable companies to its portfolio, aligning with Duke’s long-term capital approach.
Mike Ormonde, CEO of Step Investments, acknowledged the significant role Duke’s investment has played over the past six years. He credited Duke’s capital for enabling multiple opportunistic transactions and supporting the growth of Step’s platform while mitigating refinancing risks.
Duke Capital’s ongoing investment in Step Investments not only solidifies its stake in Bay Broadcasting but also reinforces the stability and profitability of both entities, showcasing the effective collaboration between the two firms.
Duke Capital Limited (LON:DUKE), formerly Duke Royalty Limited, is a Guernsey-based provider of hybrid capital solutions for small and medium-sized enterprises (SME) business owners in the United Kingdom, Europe and North America, combining the features of both equity and debt.
