Three Scottish businessmen are to make a joint offer for GCap’s Xfm radio stations in Scotland, Manchester and South Wales.

The bidders, Adam Findlay, the son of Richard Findlay, the chairman of Virgin Radio owner SMG, and entrepreneurs John Quinn and Gordon Beattie, will make the offer ahead of today’s 12pm deadline.

The three FM licences are being sold as part of the strategic review of the company that was unveiled on February 11. GCap is looking for a quick sale to help it to cut costs and fight off a takeover approach from Charles Allen’s Global Radio.

Fru Hazlitt, GCap’s newly appointed chief executive, has said that if the stations remain unsold, the licences will be handed back to Ofcom.

The three stations are expected to make a combined loss of £800,000 this year. While they are unlikely to come with a high price tag, any buyer will need to have the financial power and industry knowledge to make them profitable. If the Scottish bid succeeds, the stations will be rebranded.

Xfm in South Wales only launched in November, with the help of Manic Street Preachers’ bass player Nicky Wire, while Xfm in Scotland launched two years ago, backed by celebrities including Sharleen Spiteri and Carol Smillie.

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