He established the business as a limited company (Ellambar Investments Ltd) and attracted a large number of investors after addressing a public meeting at a Scarborough hotel. He warned investors that the venture was a high risk one and they should not expect a commercial return. Proudfoot's immediate influence on programming was to drop a plan to broadcast a mixture of light music and lifestyle material in favour of a simple Top 40 format. A 30-year-old, 150 tonne fishing vessel named Oceaan 7 was acquired and fitted out with a 10 kW radio transmitter for a total cost of £75,000. The radio station was named Radio 270 and it was run from Proudfoot's business headquarters in Scalby Road, Scarborough. Oceaan 7 was registered in Honduras in the name of Radio 270's programme director Noel Miller (an Australian national).