NORTHERN BUSINESS: UTV has increased its presence in the Republic with the purchase for €15.74 million of the Limerick-based radio station, Live95 FM. The price includes net debt of about €1.17 million.

Beneficiaries of the sale include Golden Vale Marts and a consortium of local businessmen among whom is Mr Peter Jude O'Riordan, brother of Cranberries singer Dolores O'Riordan.

The deal follows the completion of UTV's €36.2 million aquisition of the Cork radio group, County Media, with the purchase of the outstanding 40 per cent for €14.2 million.

The Limerick purchase was referred last week to the Broadcasting Commission of Ireland, which met yesterday in Kilkenny. Its spokeswoman said the commission had approved the deal in principle, but had sought additional information from the sale parties.

The commission is thought likely to consider the matter at its next meeting at the end of the month.

A UTV spokeswoman said the company was looking for other opportunities in the Republic but she was unwilling to be specific. She said the acquisition was in line with its strategy of expanding its media interests throughout Ireland.

The latest acquisition gives the Belfast-based media company 90,000 listeners in the Limerick area, comprising 38 per cent of the local market.

Despite declining advertising revenues throughout the Irish media industry, it indicates that investors see growth potential in the business.

Companies Office returns for Treaty Radio, which owned the Limerick station, show that Mr PJ O'Riordan owns 20 per cent, indicating that he will receive €2.91 million from the net sale price of €14.57 million.

Mr O'Riordan's associate, Mr Alan McEvoy, also holds 20 per cent of Treaty.

Both are involved in Artwest Business Management, a specialist accounting firm which manages finance for a number of pop acts, including the Cranberries and Boyzone.

The largest beneficiary of the sale is the manager of Kerry Group's dairy division, Mr Liam Woulfe, who holds 21 per cent of the company in a personal investment.

That stake is worth €3.06 million under the terms of the UTV deal.

The other major beneficiary is Mr Martin Ryan, whose 19 per cent share in Treaty is worth €2.79 million.

Smaller shareholders include a Clare FM director, Mr Gay Mangan, who holds 6 per cent of the company worth €870,000. Treaty's chairman, Mr James Deegan, holds a 3 per cent stake, worth about €440,000.

Mr Deegan is a director of the National Tourism Policy Studies Institute at Limerick University.

The balance is held by Golden Vale Marts, which is not related to the Golden Vale dairy firm acquired last year by Kerry Group.

The stake is worth about €1.45 million.

According to unaudited accounts for Treaty Radio, the station had revenues last year of €2.61 million.

Taking non-recurring items worth €100,000 into account, the station made an operating profit of €720,000 and earnings before interest, tax, depreciation and amortisation of €900,000.

On December 31st, the company's unaudited net assets were worth €730,000.

In Cork, County Radio's three stations have a combined local market share of 50 per cent.

The 60 per cent stake in the company acquired last April contributed €2.3 million to UTV's profit last year.

UTV commenced the acquisition of County in November 2000 but, initially, was prevented by the Broadcasting Commission of Ireland - then the Independent Radio and Television Commission - from completing the full aquisition.

UTV's stock closed unchanged at €5.90 yesterday.