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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. Administrators are now seeking a buyer for the company’s assets, and the six remaining staff will be 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,” 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.”

“Upon their appointment on 8 September 2017, the joint administrators’ priority has been to assist staff with their timely claims to the Redundancy Payments Service. The joint administrators will seek to realise value from the assets in the interests of creditors.”

Launched in the UK as the sister to a successful Italian equivalent, Bike Channel was the UK’s first 24/7 TV station dedicated to the sport. The channel was broadcast on Sky, Virgin Media and Freesat.

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