Bay TV is expected to make a statement revealing it has secured its future within the next 24 hours, Prolific North understands.

Employees of the Toxteth-based station were today sent letters informing them that the company had been placed into administration.

This was despite a small cash investment being made Made TV earlier this year.

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Liverpool’s Bay TV placed into administration

Bay TV has between 350,000 and 400,000 viewers a week, making it one of the five biggest local stations in the UK.

Chief executive Chris Johnson refused to comment on the reasons for the firm going into administration, or on its imminent future, saying this was “a matter for the administrator”.

But Prolific North understands a detailed and positive statement about the future of the station will be made within the next 24 hours.

Johnson told Prolific North: “We are looking to sell Bay TV as a going concern. Local TV is a success not only in Liverpool but around the country.

“We are very highly valued by audiences and are here to stay in Liverpool and in the UK.”

Bay TV broadcasts from purpose-built studios in Windsor Street in Toxteth.

The station went live on December 4th 2014 after former Culture Secretary Jeremy Hunt announced plans for a largely privately-funded network of local TV stations across the UK.

Some £40m of BBC licence fee cash has been put forward to help fund Local TV in the first three years – with £25m going on the broadcasting infrastructure and £5m a year being used to subsidise programming.