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Changes to the obligation to inform and consult on TUPE transfers

Posted on: July 1st, 2024 by Natasha Cox

Changes to the Transfer of Undertakings (Protection of Employment) Regulations 2006 (‘TUPE’) come into effect on 1 July 2024.

These changes are likely to be welcomed by small to medium-sized businesses as they provide greater flexibility to employers in complying with their duty to inform and consult affected employees in relation to a TUPE transfer.

A business preparing for the sale of part or all of an undertaking or service provision can now consult directly with affected employees if:
– there are no recognised trade union or employee representatives AND
– the employer has not already invited the affected employees to elect representatives AND
– either the employer has fewer than 50 employees OR
– fewer than 10 employees will transfer.

There is nothing to prevent an employer in either scenario from arranging an election to vote for employee representatives if this is preferred.

Please get in touch if you require any advice as to how to get the process right for your business. A failure to do so can be costly: transferors and transferees are jointly liable for any breach of the duty to inform and consult. This could result in protective awards reaching as high as 13 weeks’ gross pay for each affected employee.

Lawrence Stephens celebrates the launch of the FEBE Growth 100 2024

Posted on: June 19th, 2024 by Yvonne Uzoka

There are 4.2m private companies in the UK, but just 1% or 45,000 of these are considered to be ‘high growth’. These are the entrepreneurs that are making a difference and helping drive the economy. FEBE (For Entrepreneurs, By Entrepreneurs) is an organisation that enables a close-knit community of British founders to empower, celebrate and support these.  The annual FEBE Growth 100 list showcases the fastest-growing, founder-led privately owned businesses with an annual turnover of between £3m and £200m and we are delighted to recognise those who have made the 2024 list.  The criteria for inclusion on this list is rightly very strict, so congratulations also go to the 29 companies who haven’t quite met all of these, but are recognised in FEBE’s ‘Watch List’ for their drive and ambition. We look forward to seeing you on a future Growth 100 list!

Many of our clients are privately owned, founder-led businesses and as a law firm led by its founders and sharing the challenges they face, we feel great empathy with these. We are right behind FEBE’s championing of the sector, their philosophy and vision, and Lawrence Stephens is proud to continue to support them as a Corporate Partner.

You can take a look at the latest Growth 100 and FEBE Watch List here: https://www.febe.com/

Lawrence Stephens advises Compliance Group on the acquisition of CT Fire Protection

Posted on: June 13th, 2024 by Yvonne Uzoka

The Lawrence Stephens Corporate team has advised Compliance Group, a leading provider of safety and regulatory compliance for electrical, fire and water services, on the acquisition of CT Fire Protection, an owner managed company specialising in fire control systems.

Compliance Group focuses on providing integrated electrical, water and fire compliance services and applies best of breed technology solutions to ensure the full compliance of its customers. The company has built its leading position in this sector through a number of strategic acquisitions. Compliance Group’s long-term mission is to provide the best proposition in the industry by bringing together five-star customer services and technical excellence.

This latest transaction is Compliance Group’s third deal of 2024, underscoring its robust growth and strategic expansion plans via partnerships with high-quality businesses across the fire, water, and electrical compliance areas.

The Lawrence Stephens team was delighted to advise on this and earlier transactions. The team was led by Senior Associate Katherine Zangana, supported by Director Craig Mullen in commercial property and Solicitor Carla Bernstein in corporate.   

Lawrence Stephens has advised the shareholders of M&A Coachworks on the sale of their business to The Steer Group, one of the industry’s leading automotive repair groups

Posted on: June 5th, 2024 by Yvonne Uzoka

M&A Coachworks is a supercar, manufacturer-approved repair specialist for iconic luxury brands such as Porsche, Ferrari, Aston Martin, Bentley, Lamborghini, McLaren and Maserati. Established in 1971, the company has four bodyshop sites in London, Norwich, Hertfordshire and Berkshire. It offers vehicle repairs, restorations and transport collection for client’s prestige vehicles. 

The strategic acquisition of what was the UK’s largest manufacturer recommended repairer of super cars bolsters Steer’s capabilities in the luxury vehicle repair sector through expanding its repair footprint and increasing its capacity.

No stranger to the sector, this deal follows an earlier transaction where the Lawrence Stephens team advised the shareholders of the Artis Group, a vehicle repair business with 11 outlets located around the M25 on their sale to The Steer Group.

M&A Coachworks is also a family-owned business, established by Brothers Michael Dionisiou and Adonis Kyriacou in 1971. A founder-led business itself, Lawrence Stephens is very familiar with the challenges this brings and advises many privately owned businesses on a wide range of matters throughout the business lifecycle.

The Lawrence Stephens team was led by Managing Director  Steven Bernstein, with assistance on the corporate side from Associates Harshita Samani and Carla Bernstein  and Trainee solicitor Heather Ramsey and on the property side from Director Nick Marshall.

Lawrence Stephens acts for Activate Group Limited in acquisition by Elysian Capital

Posted on: February 1st, 2024 by Maverick Freedlander

Lawrence Stephens’ Corporate and Commercial team recently acted for Activate Group Limited in its acquisition by Elysian Capital, in a deal which was completed on 22 January 2024.

Handling over 250,000 claims a year, Activate Group provides accident management services to insurance groups and corporate fleet operators. Their acquisition by private equity firm Elysian Capital will provide investment to allow the group to continue to grow and develop its UK operations.

The team was led by Managing Director Steven Bernstein, with assistance from Senior Associate Angela McCarthy and solicitors Lucy Cadley, Carla Bernstein, and Avni Patel.

Steven commented: “Growing from a small start-up to a UK-wide business, this acquisition represents an exciting new chapter for Activate, as the group continues to build upon its existing services while retaining its core expertise and identity.

“It was a pleasure to work alongside Hannah and the team from Activate to secure a result which pleased all parties – and represents exciting new growth for the Activate business.”

Hannah Wilcox, CEO of Activate Group, commented: “Steven and the team at Lawrence Stephens handled the deal smoothly and professionally, and provided crucial legal and commercial advice. They achieved excellent results on our behalf, and we are delighted to begin this new relationship with Elysian, which will allow us to continue to expand and advance our operations under a larger umbrella.”

James Lyons comments on Tui’s delisting from the London Stock Exchange in Law360

Posted on: January 8th, 2024 by Maverick Freedlander

James Lyons, Director in the Corporate and Commercial team, discusses the wider market implications of travel giant Tui’s plan to delist from the London Stock Exchange, in Law360.

James’ comments were published in Law360, 05 January 2024, and can be found here.

“Whilst some may perceive this as a blow to the appeal of a UK listing, this decision should be viewed within the particular context of TUI, a German company borne out of a legacy merger.  It already has listings in Frankfurt and Hanover, and more than 75 per cent of the trading in its shares occurs in Germany, so this is a decision which appears to be being made for reasons very specific to TUI rather than necessarily reflective of the London market itself.  

“But it is indicative of the global competitive listing environment and another example to demonstrate why the FCA cannot rest on its laurels and should continue to push forward with changes to retain the appeal of the London market for international businesses.”

Steven Bernstein discusses private ownership of businesses in Law360

Posted on: January 23rd, 2023 by Maverick Freedlander

Steven Bernstein, Senior Director in the Corporate and Commercial department and co-founder of Lawrence Stephens, argues that some companies fare best when owned privately, in Law360.

Steven’s comments were published in Law360, 20 January 2023.

Discussing Seraphine Group PLC’s £15.3M Takeover by Mayfair Equity Partners LLP, Steven commented: “From my perspective, it’s an interesting example that maybe not every business is well suited to be on the public market…

“And then there are some businesses that are just better owned privately, because there’s just a greater degree of flexibility, and you can make quicker decisions without the scrutiny that comes from being in a public space.”