Bike Channel To Close

10 Sep 2017 | tshego

Share on

Cycling broadcaster, the Bike Channel has ceased trading after failing to find a buyer, the company’s administrators confirmed in a statement.

Bike Channel UK was launched in December 2015, and was owned by London-based company Bike Media Limited. The channel will be removed from distribution on Sky, Virgin Media and Freesat. Six staff will lose their jobs and buyers are being sought for the broadcaster’s assets.

Launched in the UK as the sister to an Italian equivalent, Bike Channel was the UK’s first 24/7 TV station dedicated to the sport.

Sources close to the business have said that following a financial review by Bike International, the parent company, Bike Channel was put up for sale. But concerted attempts to rescue the Vauxhall-based operation have failed.

British team Bike Channel-Canyon’s has confirmed that the squad would continue into 2018 despite the potential loss of the title sponsor.

“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,” read a statement issued by administrators FRP Advisory.

“Attempts to obtain new investment via a sale of the business did not materialize and, with unsustainable pressure on cash-flow, the directors were left with no viable option other than to seek the protection of administration.”

In a statement to Cycling Weekly magazine, Aser, a minority shareholder, said: “Aser acquired a minority stake in Bike International Limited, owner of Bike Media UK Limited, which operates Bike’s UK channel, in October 2015.

“It has been confirmed today that the company has been placed into administration. This follows the resignation of its former CEO Filippo Ubaldini at the end of July 2017, who managed the company since its incorporation.

“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.”