Saga, the company renowned for selling holidays and insurance to millions of over-50s, is to conduct an auction of its radio business that is likely to attract interest from some of the country’s biggest media groups, The Sunday Telegraph.

Charterhouse, the private equity investor that owns Saga, has decided that the company’s quartet of radio licences is likely to be worth more to a specialist broadcaster keen to tap into the growing commercial appeal of Britain’s grey market, the newspaper said.

KPMG Corporate Finance has been appointed to oversee the review, and likely sale, of Saga Radio, after a beauty parade that involved Lazard and UBS, the investment banks.

The Saga portfolio consists of two stations in the Midlands, one in Glasgow and one in the north-east of England, which has yet to be launched.

Posted: 09|18|06 at 7:12 am. Filed under: UK News.