Shareholders at Scottish Media Group have overwhelmingly agreed the sale of Virgin Radio for £53million.

SMG will offload Virgin Radio to a consortium including Times of India Group for £53million which is due to be completed by the end of June.

Following the acquisition, Virgin Radio will be renamed, while the money from the sale will go towards repaying SMG’s debts.

In 2000 the company bought the station from Chris Evans for £225million.