Specialist UK cycling broadcaster the Bike Channel has ceased operating after failing to secure a buyer.
Bike Channel UK was launched in December 2015 as a sister operation of the existing platform in Italy. It was owned by London-based Bike Media Limited but administrators FRP Advisory have now said they are seeking a buyer for the company’s assets, with the six remaining staff being made redundant.
“Bike Media has created a loyal following across a range of specialist cycling communities, but despite the growth in viewers to Bike Channel across broadcast networks, the business had faced pressure on working capital,” FRP Advisory said in a statement reported by the Cycling Weekly website.
“Attempts to obtain new investment via a sale of the business did not materialise and, with unsustainable pressure on cash-flow, the directors were left with no viable option other than to seek the protection of administration.”
Aser, a global investment company focused on the media and sports sectors, is a minority shareholder in Bike Channel and has said it will pursue legal action over its collapse.
Aser said: “We have been damaged and we will be taking legal action. As a creditor of the company we will also be seeking further information from administrators.
“Aser remains committed to our core businesses and we will continue to explore future involvement in cycling as part of our wider investment in sports, notwithstanding our deep regret at the outcome of this situation.”