Wise Buddah exits broadcast as last-ditch finance bid fails. (News).

Radio One has been taken production of nine weekly specialist shows inhouse following the shock collapse of its main independent programme provider, Wise Buddah Broadcast.

Directors of the company, which is chaired by Mark Goodier, moved to place it into voluntary liquidation at the end of last week, after last-ditch efforts to save the company failed. Managing director Stephen Mulholland resigned at the start of the week, while all 31 people working in the division have lost their jobs.

Goodier says the economic climate has been a factor in the collapse. However, he adds, "We had a thriving business, but there were some controls that were not in place as they should have been. We have had two attempts at refinancing to go forward and unfortunately the second of those failed on Monday. It's absolutely heartbreaking."

The demise of Wise Buddah Broadcast has sent shockwaves through the music and radio industries, as the business had established itself as one of the leading independent radio production companies. Its nine weekly Radio One commissions included the Pete Tong-hosted Essential Selection and two Trevor Nelson programmes. It also provided programming for other BBC services and a number of commercial broadcasters and had moved into TV production.

Simon Cole, CEO of rival UBC, says the news comes as "a ...