An in-store radio firm set up by former Radio One DJ Bruno Brookes was yesterday considering "all strategic options" after results failed to hit hopes.
Immedia Broadcasting, which supplies tailored radio stations to chains such as Lloyds Pharmacy and Londis, said it was in the early stages of the review.
While this could include a sale, a spokeswoman said it was too early to give detailed information on the options available to Immedia.
The announcement came as the company revealed pretax losses widened to £273,000 in the half year to June 30, from a deficit of £251,000 last time, due to increased investment in its studios and network.
Immedia warned two weeks ago that results would be "significantly" below market expectations. It said at the time that customers were taking longer than expected to sign contracts. Chief executive Mr Brookes said that trading in the year to date had been less satisfactory than expected, as revealed in July.
Delays in the expansion of Immedia's sales team and in the launch of two stations had held back progress. But Mr Brookes added: "The business remains financially sound and is continuing to attract strong levels of interest from major retailers."
Immedia said progress in the second half looked challenging. "This has led the board to consider all strategic options to accelerate progress," it said.
The group, which listed on the stock market in 2003, reaches 20 million shoppers a week through its Impulse Live radio station. The station is broadcast at convenience stores.