Online operation TheBusinessDesk.com – which has an office in Birmingham – has been forced into administration over tax debts, it was revealed today.
Bosses of the business website, which operates in Yorkshire, the North West and West Midlands, say the jobs of all 14 staff will be protected.
The company was launched by former Yorkshire Post business editor David Parkin in Leeds in 2007 and quickly expanded. It was sold to Birmingham entrepreneur Mark Hales in 2013 although Mr Parkin remains on the board as a consultant.
The new owners say the situation relates to historical tax liabilities accrued under the previous ownership.
It said in a statement: "The restructuring process currently underway 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 said 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.