The news came as GWR reported a 20% fall in interim pre-tax profits before one-off items to £2.2m.

Sales for the six months to the end of September were barely changed at £62m.

Commercial radio has suffered along with the rest of the media sector from the downturn in the advertising market.

"Although trading in the run up to Christmas is somewhat more encouraging, there is little visibility into the New Year," said executive chairman Ralph Bernard.

"Our business planning assumption is there will be no significant upturn in advertising in the foreseeable future."

GWR also said that it had not held any talks with the US media firm Clear Channel.

At the weekend it was reported that Clear Channel was targeting Classic FM, as well as other stations, for a possible takeover.