An administrator has been appointed at Bike Media Ltd. A statement on September 8th said that the company had run out of [financial] options and would close and the channel 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.
“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,” stated FRP Advisory, the company’s administrators. “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.”
The channel’s former CEO Filippo Ubaldini resigned in July.
A minor shareholder, Aser Media, which invests in sports and media-related industries, in its statement to specialist publication Cycling Weekly, 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 co any 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.”