Led by City TV pioneer Jamie Conway and chaired by former BSkyB executive and Top Up TV co-founder Ian West, Made Television claims to have found a solution to the challenge facing most City TV broadcasters.

By having broader reach and shared fixed costs, Made Television allows for a ‘fundamentally profitable’ business model even with a niche audience while delivering high-quality content and ultimately providing a platform for local communities, businesses and institutions to engage.

Stuart Poyser, director of corporate finance & M&A advisory at Ariadne Capital said: ‘Made TV’s scalable business structure, its revenue model based on new-to-tv money together with the government’s support for local free TV and the relaxation of restrictions around advertising, presented a unique investment opportunity for us and our investment partners.’

With almost 85 per cent of TV being watched live, just having a licence and prominent electronic programming guide positioning (Channel 8 on Freeview, 117 on Sky and 159 on Virgin) guarantee a base level of audience, according to Made Television.

In addition, local radio’s current strong momentum presents an argument for the prospects of a shift towards local TV advertising, assuming there is a cost-efficient business model in place, adds the organisation.

As part of the plans to launch bespoke services across the UK, Made Television has joined forces with Megahertz, the broadcast systems integration specialists, with the agreement seeing Megahertz designing and implementing complete production, news and production units for five new stations, together with a centralised playout facility.

Made Television will be working closely with other broadcasters and content creators, including the BBC which will be a purchaser of the news in those cities to supplement their own regional programming.