Branson, Allen 'consider Virgin Radio bid'

Sir Richard Branson and former ITV chairman Charles Allen are reportedly interested in bidding for Virgin Radio.

The station's owner SMG said last week said that a planned IPO of Virgin Radio is "on track" for the Autumn.

The Observer reported yesterday that Sir Richard and Allen have held "secret talks" with SMG over a plan that would result in Virgin Radio being spun off as a private company with the pair as principal shareholders. The next phase of the plan would see Virgin Radio in the UK tie-up with Virgin Group's Virgin Radio International operations.

The paper added that Allen said that he is "bound by confidentiality agreements" when asked about Virgin Radio.

Allen recently made his entrance to the UK radio industry when his Global Radio investment vehicle purchased the radio operations of Chrysalis, including stations such as Heart and LBC, for £170m.