Mon, 06 Oct 2014 | ADMINISTRATION
Tax debts have forced regional news site TheBusinessDesk.com into administration, reports have revealed.
The digital media company, which covers news in Yorkshire, the West Midlands and the North West, went into administration last week (2 October) but bosses have stated that all 14 staff jobs will be protected.
David Parkin, former Yorkshire Post business editor, launched the company in 2007 and witnessed a period of speedy expansion. He went on to sell the business to Birmingham entrepreneur Mark Hales in 2013, but remained on board as a consultant.
According to a statement from Mark Hales and the other owners, the administration is the result of problems with historic tax liabilities. The statement read: “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.”
He added that HMRC had “refused to extend the reasonable and affordable repayment terms agreed in 2013 at the time of acquisition”, which left the current owner with “no alternative” than to appoint an administrator.
It appears that the administrator is working to form a new business – Regional Media Services Ltd – which will be “free from historical liabilities” enabling it to continue to trade and deliver regional business news.
No redundancies will be made and the business looks set to grow from the ashes of its current distressed situation.
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Related information:
Businesses in administration
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