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Regional business website calls in administrators

A network of business websites launched in 2007 by an award-winning regional press journalist has called in administrators.

However bosses of which operates sites in Yorkshire, the North West and west Midlands say the jobs of its 14 staff will be protected.

The company was started up by former Yorkshire Post business editor David Parkin in Leeds in 2007 and quickly expanded.

It was sold to entrepreneur Mark Hales in 2013, although David remained on the board until this summer.

The new owners say the situation relates entirely to historical tax liabilities accrued under the previous ownership.

It said in a statement: “The restructuring process currently under way protects the creditors and suppliers of TheBusinessDesk and safeguards the jobs of 14 staff in Birmingham, Leeds and Manchester.

“Following the acquisition of the company by entrepreneur Mark Hales in 2013 there has been significant investment in new staff and management processes. The underlying business is now profitable.

“The current situation relates entirely to legacy arrears due to HMRC accrued under the previous ownership.

“Regrettably HMRC has refused to extend the reasonable and affordable repayment terms agreed in 2013 at the time of acquisition, and has left the current owner no alternative than to appoint an administrator.

“The new business (Regional Media Services Ltd) will be free from historical liabilities and will continue to deliver regional business news across its core regions in the North West, Yorkshire and West Midlands.

“As previously stated all creditors of the former business will be transferred to the new company and will be paid in due course.”

The company added that there were no redundancies and Chris Barry, the editor of its North West edition has taken on a new role as editorial director for Yorkshire and the North West.

The role of Yorkshire editor is currently being advertised on HoldtheFrontPage.

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  • October 2, 2014 at 2:56 pm

    When I see this kind of story I cannot help but think of when Sid James sold Tony Hancock shares in his tour bus company and which then went bust.

    “You see ‘ancock there are two kinds of shares, the ones which take a share of the profits and dividends and the ones which have all the debts and liabilities”

    “So Sidney (sigh) tell me which ones do I own?”

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