Two colleagues have completed a management buyout of the regional business news website they work for.

TheBusinessDesk.com has announced a deal which sees group editor Alex Turner and commercial director Lee-J Walker take a majority stake in the site’s owner Regional Media Services.

The terms of the deal have not been disclosed, but entrepreneur Mark Hales, who bought the business in 2013, is retaininig a minority stake while stepping back from day-to-day involvement.

The site has recently marked its 10th anniversary, having been launched in 2007 by former Yorkshire Post business editor David Parkin and his co-founder Paul Snape.

Alex Turner, left, and Lee-J Walker

It initially covered Yorkshire, but has since grown to cover the North-West of England, West Midlands and East Midlands.

Alex, a former business journalist for the Liverpool Echo, said: “It is a great opportunity and we are excited about shaping the future of TheBusinessDesk.com.

“The changing media landscape makes it a really interesting time for the sector. We are confident our strong position within the business communities we serve will enable us to continue to develop the business.

“This will be achieved by maintaining our long-established editorial reputation and continuing to be responsive to what our audiences are looking for.”

Lee added: “Through Mark’s investment and the hard work of lots of people, the business has the right platform for us to take the business forward.

“The increasing focus of our commercial partners on building relationships with senior business people and decision makers plays directly to the strength of our audience and the high levels of engagement we have.

“We’d like to thank Mark for his leadership and support as we look to build on his ideas and investment.”

Mark himself said: “Having worked alongside Lee-J and Alex for several years, I know they are the right people to take this business into its second decade.”