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The Fineprint: Edition 2 – Insights for Founders

Posted on: December 16th, 2025 by Alanah Lenten

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A note from the editors: 

This edition is packed with insights and ideas for the year ahead. From decoding the UK Government’s SME Growth Strategy to understanding the realities of rent reviews, we’ve got practical guidance for businesses ready to scale. We also dive into topics that spark conversation, from why pre-nups are smart business planning to the rise of Hyrox and what it teaches us about building global communities. We’re proud to feature voices from across the entrepreneurial landscape, including Jonny Grubin of SoPost on beauty-tech trends and Ansor on what makes the perfect acquisition target. Plus, we tackle issues that matter now: cybersecurity at board level, festive season etiquette, and the latest on director verification requirements.

Our goal remains the same: to equip you with clarity and confidence in a fast-changing world. The Fineprint exists to help you navigate complexity, challenge convention, and uncover opportunities where others might not look. If this edition sparks ideas or questions, we’d love to hear from you. Feedback is always welcome.

– Charlotte Hamilton and Alanah Lenten

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In this edition 

UK SME Growth Strategy: What Founders and Business Leaders Need to Know

In August, the UK Government published the SME Growth Strategy, a crucial policy outlining reforms to drive growth and innovation across the SME sector. Harshita Samani explains how businesses can interpret and implement the reforms to position themselves effectively to thrive as the strategy unfolds, including a checklist of what you should consider.

 

INTEREST CHECK: Clicks to Bricks: The Journey from URL to IRL

We’re gauging interest in bringing together ambitious brands, scale‑ups, and Flourish friends together for an evening in London of networking and insight. We’ll dive into three key themes with seasoned professionals:

  • Getting Noticed – Building campaigns that make retailers take you seriously.
  • Getting Stocked – A founder’s story of landing shelves at Boots and Harrods.
  • Getting Keys – Knowing when to move from online to bricks‑and‑mortar stores.

 Want to attend? Register your interest here   

If you have any questions about the above event please contact Alanah Lenten.

 

Taylor Swift’s Engagement and Why Business Owners Need a Pre-nup Too

With Swift’s billion-dollar empire built on music, branding and intellectual property, a prenup isn’t just smart, its essential. Similarly for business owners and founders, a prenup can protect everything that you’ve built. Annabel Andreou unpacks exactly what a prenup is, debunks common myths, and shares practical tips for business owners.

 

What Jaguar Land Rover Cyberattack Can Teach Founders About Resilience

When Jaguar Land Rover was hit by a cyberattack production lines stopped. And the cost? A staggering £485 million.  High-profile cyberattacks like JLR dominate headlines, but the reality is that breaches aren’t just a big business problem. Dominic Holden breaks down the practical steps that every business leader should take to prepare.

 

Selling-Up and Scaling-Up: What investors look for in SMEs

We partnered with our long-standing client Ansor, a professional investment business, to uncover what they look for when investing in SMEs and what founders should consider to prepare their business for the next stage of growth.

 

Lawrence Stephens Announces the Launch of LS Private

Have you just had an exit event? Lawrence Stephens has launched LS Private, a multi-family office platform for entrepreneurs and wealth creators. Led by John Russo, LS Private offers governance, oversight, and operational support to protect capital, simplify decisions, and align advisers and assets—delivering stronger structures and swift solutions for complex issues. If you have any questions on LS Private, please contact Alanah Lenten.

 

The UK Budget: What is the Impact for Founders?

Have you seen the Autumn Budget’s impact on founders? From rising employment costs and frozen tax thresholds to new opportunities with EMI and EIS, Leigh Sayliss breaks down what every owner-managed business needs to know. Discover the changes, challenges, and silver linings.

 

Lawrence Stephens Announces the Launch of Flourish: Legal Advice for Start-Ups

We know the early years of a business can be the most challenging and the most exciting.

That’s why we’ve launched Flourish, our tailored legal support programme exclusively for early-stage, UK businesses. Flourish offers:

  • Fixed-price legal support
  • Significant discounts on our standard fees for two years
  • Quarterly sessions with a legal mentor
  • Access to our events and community of founders, funders, and advisors

See if you qualify  

or get in touch with Alanah Lenten if you have any questions.

 

Upward-Only Rent Reviews Banned: What Business Owners Need to Know

In a move designed to support small businesses and revitalise high streets, upward-only rent reviews are now banned in new commercial leases in the UK. Louisa Hartley and Sophia Dixon explain what this means for your next lease and provide key tips on how to negotiate.

 

Off-Duty, On Your Radar: Why Employee Misconduct Outside Work Still Matters

Missteps witnessed by clients, colleagues, or cameras out-of-hours can very quickly become your businesses’ problem – we all saw what resulted from the Coldplay kiss cam. Emma Cocker explains what employers need to know, covering when disciplinary action is justified, to how to set clear expectations for your team.

 

The Business of Sweat: How HYROX Built a Global Fitness Phenomenon

HYROX launched as an ambitious idea between two fitness enthusiasts. Today, it’s a global fitness phenomenon. HYROX represents a masterclass in legal, logistical, and commercial strategy, and its rise offers lessons every entrepreneur can learn from. Andy Wallis tells HYROX’s story and breaks down takeaways for business leaders.

 

Lashes, Lipstick, Legal: The Business Considerations Behind Beauty Trends

Beauty is a £30.4 billion industry—and it’s evolving fast. Charlotte Hamilton joined Jonathan Grubin, CEO of SoPost—a UK leader in digital product sampling campaigns—to explore the latest beauty trends. Jonny shared what’s trending in the beauty industry, and we examined the legal and commercial considerations behind these developments.

Lashes, Lipstick, Legal: The Business Considerations Behind Beauty Trends

Posted on: December 16th, 2025 by Alanah Lenten

No, we haven’t lost the plot, beauty is big business, £30.4 billion big. And few know that better than Jonathan Grubin, founder of SoPost, the UK leader in digital campaigns for product sampling. SoPost helps brands reach the right people in the right places with sampling experiences that drive awareness, conversion, and high-quality engagement. They work with household names, so when Jonny talks trends, we listen.

The beauty and wellness industry is evolving and scaling fast, think sleep-focused campaigns, TikTok Shop dominance, and cross-border acquisitions. But behind the glitter and gloss lies a legal layer every entrepreneur in this space needs to understand to keep this billion-pound industry thriving.

Jonathan Grubin shared what is trending, and Charlotte Hamilton, Associate in Corporate and Commercial, explained what it means for your business along with the legal position that we advise our clients in this space not to ignore.

 Trend 1: Leaning into Sleep

Today, the elevation of sleep has moved from a basic necessity to the “ultimate luxury” and a status symbol. This is driven by an increasing understanding of sleep’s vital role in physical appearance and overall well-being and brands are ‘waking-up’ to this market opportunity for example, Estée Lauder’s “Beauty Sleep Dupe” campaign for Advanced Night Repair Serum or Kourtney Kardashian’s wellness brand releasing ‘Lemme Sleep’.

Legal Insight: Whilst we’d all love a miracle product to grant us more sleep, health-related claims must be substantiated under UK ASA guidelines and EU advertising law. Where the Americans may get away with it, Misleading claims in the UK and EU can lead to fines and reputational damage.

Tip: Businesses must always keep evidence for any wellness or performance claims and navigate the use of the language they use to either avoid claiming what they can’t prove or have the receipts to back it up.

Trend 2: TikTok Shop Outpaces Sephora

TikTok Shop goes beyond selling, it’s starting to rewrite the beauty playbook. Its social-first shopping experience blends content and commerce so seamlessly that viral trends turn into instant sales. Lower-cost marketing gives small brands a fighting chance, while “motion creators” showcase products in ways that make you feel the texture, the glow, the result, right through your screen.

Meanwhile, Sephora leans on tradition: brand loyalty and in-store experiences. But TikTok’s impulse-driven model is winning, especially with younger shoppers who want discovery, not routine.

Legal Insight: Selling through social platforms brings its own challenges. It often means navigating consumer protection laws designed to ensure fair treatment, prevent misleading advertising, ban aggressive sales tactics, and guarantee that products are safe and services meet acceptable standards. The Competition and Markets Authority (CMA) continues to update and refine these rules. On top of that, GDPR compliance is critical, and Tik Tok makes it clear  that sellers are responsible for ensuring they meet all requirements.

Tip: Ensure data handling meets the ever evolving UK/EU standards.

Trend 3: US Powerhouses Enter UK Market

US beauty powerhouses like Ulta Beauty and Sephora have entered the UK market by acquiring established local retailers, including Ulta’s acquisition of Space NK and Sephora’s acquisition of Feelunique. This strategy allows them to bypass the challenges of building from scratch and gain immediate access to a loyal customer base, a strong retail presence, and crucial market knowledge.

Legal Insight: This means fierce competition in the UK as these US powerhouses are now backing existing UK businesses, circumventing any set up challenges. We think this gives our clients all the more reason to make sure that they are set up properly. Consider the status of your IP, contracts, employment and regulatory compliance.

Tip: Make sure your IP, workforce, practices and contracts are in order early so that litigation is not what holds you back.

Trend 4: The consumer no longer trusts you

Consumer trust is at an all-time low, and it’s important that beauty businesses weave authenticity, community and trial into their marketing to gain trust and create a loyal consumer base.

Legal Insight: Consumer trust is fragile, the Advertising Standards Authority (ASA) are cracking down on misleading ads and influencer non-disclosure to combat this. Influencer disclosure rules are increasingly important to consider, they require that content creators clearly and conspicuously disclose any “material connection” to a brand – Grace Beverly of TALA was hit pretty hard by this one.

Tip: Authenticity wins. Get your influencer agreements drafted with clear disclosure obligations,  build authenticity through compliant campaigns and community-driven engagement. It’s good ethics and good business.

Bottom line :

Legal foresight can act as a competitive advantage. Whether you’re launching a product, scaling via social commerce, or eyeing acquisitions, understanding the legal landscape keeps your brand thriving and out of costly trouble.

Contact Jonathan Grubin to see how SoPost can ensure your campaign success and if you want more detail on what considerations your business should consider contact Charlotte Hamilton.

Read the rest of The Fineprint edition 2 here. 

The UK Budget: What is the Impact on Founders?

Posted on: December 8th, 2025 by Alanah Lenten

Before winning the 2024 election, Rachel Reeves told the Times:

“If I become chancellor, the next Labour government is going to be the most pro-business government this country has ever seen.”

Fast forward to today. After last year’s unexpected hikes to the minimum wage and employer NICs, many owner-managed businesses (OMBs), SMEs and founders were hoping for relief in the Autumn Budget.

In the end, the Chancellor delivered a raft of small tax changes, rather than any big tax increases. But despite no increases in business taxes and a small concession on inheritance tax, it seems that the Budget offered few reasons to be cheerful:

Income Tax: The Slow Burn

There were no changes to headline rates, but the freeze on thresholds has been extended from 2028 to 2031. On paper, that sounds benign. In practice, as wages rise, more employees will drift into higher tax bands, a phenomenon known as fiscal drag. For OMBs, this means employees’ net pay will shrink over time, potentially denting morale and prompting calls for higher pay rises to offset higher tax deductions.

Businesses competing for skilled staff may may find themselves under pressure to offer higher gross salaries or enhanced benefits to remain attractive adding to payroll costs and squeezing margins.

This is not an immediate crisis, but it is a slow-moving challenge that founders should start planning for now.

Looking After Your Employees

The most tangible impact comes from employment costs and this is mainly bad news.

From April 2026, the National Living Wage will rise to £12.71 per hour for those over 21, while 18–20-year-olds will see an 8.5% increase to £10.85 per hour. For a full-time employee over 21, that equates to an annual salary of £24,784, around £900 more than today.

For sectors with younger workforces, such as hospitality, retail and care this will translate into significant payroll increases.

In the longer term, from April 2029, employers and employees will pay NIC on any pension contributions made via salary sacrifice above £2,000.

This change reduces flexibility in company benefits design and will require careful communication to staff. Employers who have historically passed NIC savings back to employees will need to revisit contracts and consult on changes, adding administrative burden to payroll teams.

A Few Silver Linings

Not all the news is bad.

The Enterprise management Incentives (EMI) scheme will also become more generous from April 2026.  Although the size of awards that can be given to individuals will not change, the size of company that will be eligible to grant awards, and the total value of awards that can be granted, will increase significantly, opening the door for later-stage and capital-intensive businesses to offer EMI options.

The implications for OMBs are that many scale-ups and later-stage growth businesses that previously failed the EMI tests (due to size or assets) can now qualify.

For founders, EMI options provide their business with a powerful tool to attract and retain talent, giving a critical advantage in a competitive labour market.  EMI options allow companies to reward key employees in the most tax efficient manner without draining valuable cash resources that are better used in growing the business.

Reeves also announced that from April 2026 SMEs will receive free training for apprentices under 25 as part of an £820m “youth guarantee” programme. This removes co-investment costs for some training and presents a major opportunity for SMEs to offset wage increases by investing in skills development. For businesses thinking long-term, apprenticeships could become a cornerstone of talent strategy.

Tax on Dividends and Passive Income

For founders who rely on dividends, or on interest on loans they have made to their businesses, the Budget brings unwelcome news. From April 2026 dividend income will attract an additional 2% tax at both basic and higher rates. A similar 2% surcharge will apply to savings and property income from April 2027.

These changes erode tax efficiency for remuneration and investment returns, meaning OMBs should revisit their tax planning sooner rather than later.

Growth Capital: EIS Up, VCT Down

There is good news for businesses seeking growth funding. From April 2026, the limits for companies to qualify for Enterprise Investment Scheme (EIS) will double, giving scale-ups and later-stage businesses greater access to capital. However, the tax relief on Venture Capital Trusts (VCTs) will fall from 30% to 20%, which may dampen investor appetite for VCTs and redirect capital toward EIS opportunities. Knowledge-intensive businesses such as tech, biotech and R&D-heavy ventures stand to benefit most. SMEs should anticipate stronger demand for EIS-qualifying opportunities and position themselves accordingly.

Succession planning

The Budget announced a modest concession to the changes in inheritance tax rules where businesses are passed on to the next generation.  In the 2024 Autumn Budget, it was announced that, from April 2026, full relief from inheritance tax would only apply to the first £1m of value – above that, inheritance tax would effectively be charged at 20%.  As a modest concession, this Budget announced that the £1m threshold could be passed between spouses and civil partners, potentially doubling the inheritance tax threshold for a family business. 

Instead of passing on a business to family, selling the business to the employees, through an Employee Ownership Trust has been a tax-efficient succession route, offering 100% CGT relief on disposals, That relief is now halved. Sellers will pay CGT on half the gain immediately, with the other half deferred until trustees dispose of the shares.  While EOTs still preserve culture and independence, the financial incentive is weaker, and some founders may now consider private equity or trade sales more seriously.

Business rates: Targeted Support

Finally business rates will be updated from 1 April 2026, to reflect property values since 2023, pushing most bills higher. To soften the blow, the Government announced a £4.3bn support package for retail, hospitality and leisure businesses, including permanently lower business rates multipliers eligible RHL properties with rateable values below £500,000. Over 750,000 properties are expected to benefit, but businesses should check eligibility and factor this into location planning.

Key Takeaways

  • Employment costs are rising
    Minimum wage increases and NIC changes will squeeze margins.
  • Tax efficiency is eroding
    Dividend and passive income taxes increase from 2026–27.
  • Growth opportunities exist
    EIS limits double, EMI expands, and apprenticeships become free for SMEs.
  • Exit strategies need review
    EOTs lose full CGT relief, making PE and trade sales more attractive.
  • Compliance matters
    Frozen tax thresholds and business rate changes require proactive planning.

Read the rest of The Fineprint edition 2 here. 

Selling-Up and Scaling-Up: What investors look for in SMEs

Posted on: December 8th, 2025 by Alanah Lenten

Thinking about what’s next for your fast-growth business? For many founders, “selling up” sounds like throwing in the towel. But in the right hands, it’s the start of something bigger.

We’ve teamed up with our long-standing client, Ansor, a professional investment business that has a proven track record of successfully buying ambitious SMEs in the UK (and overseas) to develop them into market-leading businesses through their buy-and-build strategy.

We asked Ansor what they look for when choosing SMEs to join their growth journey. They came back with five key characteristics that make a business stand-out to them and what you could consider as you grow your business.

  1. SMEs Operating in Fragmented Sectors with Strong Tailwinds

Ansor’s sweet spot is focusing on sectors where the market is fragmented and ripe for consolidation. They look for room to scale through organic growth and acquire the best of the existing businesses to bring together a true market leader. Their sector coverage is across but not limited to healthcare, business services, specialist manufacturing and technical services to the built environment – all sectors supported by demand trends and persistent, macro-level forces that support growth for the long-term.

Therefore, if you’re in a niche with lots of small players and strong demand, you could be sitting on a goldmine. Scale is the name of the game.

  1. Excellent Culture and Values

Businesses with a clear sense of purpose and strong internal culture stand out. Ansor looks for companies whose values align with theirs; businesses that are committed to building something enduring. Ansor recognises that culture and values help build and maintain high performing teams.

Your culture isn’t just an HR buzzword. It’s a growth asset. Document it, live it, and make sure it shines through.

  1. Ambitious Management Teams with Clear Succession Pathways

People are at the heart of every successful business. Whether it’s a founder-led company with leadership ready to continue the journey, or a business where the owners are preparing for succession, Ansor partner with teams that are open to collaboration and growth. For those retiring, Ansor bring the support and structure needed to build out leadership, promote from within and ensure continuity. For those who are just getting started, Ansor are supportive and encouraging to help scale the business. It’s a team sport. What is good for the leadership team is good for everyone.

If you’re thinking about stepping back, plan early. If you’re gearing up for growth, show you’ve got the right team and the right mindset.

  1. Strong Underlying Profitability and Growth Potential

Ansor have discovered that there are desirable financial characteristics indicating strong fundamentals and competitive positions. These include stable and high-quality revenue streams, attractive margins, and reliable, repeatable cash flows. Beyond fundamental financial stability, they seek signs of growth –  whether organic or through identifiable levers that can be unlocked together post-acquisition.  

Healthy numbers matter. But so does a story about where you’re headed. Can you show both?

  1. Value Creation Potential

Ansor’s model is to combine SMEs together to create exciting high growth, market leading businesses of the future. They are experienced in creating and executing phased integration strategies to improve and join up the thinking on key business areas such as sales and marketing, procurement, service delivery, geographic expansion and systems to provide the highest quality of data to scale up.

If you’ve got room to improve and scale, that’s opportunity knocking. Think beyond today, what could your business look like in five years with the right backing?

Ready to explore what’s next?

If you are thinking about next steps and any of the above business attributes seem familiar, why not take a look at Ansor’s current portfolio companies here: https://www.ansor.co.uk/our-companies/

Read more about the work we do with Ansor to facilitate fast-growth, scalable businesses here or to understand how we can support you please contact Ryan D’Souza.

Read the rest of The Fineprint edition 2 here. 

Upward-Only Rent Reviews Banned: What Business Owners Need to Know

Posted on: November 26th, 2025 by Alanah Lenten

The UK Government is shaking up commercial leasing. As part of the English Devolution and Community Empowerment Bill, Upward-Only Rent Review (UORR) clauses will be banned in new commercial leases, a move designed to support small businesses and revitalise high streets.

If you’re a business owner negotiating a lease, here’s what you need to know.

What’s Changing?

From the moment this legislation takes effect, any clause in a new or renewal lease that prevents rent from decreasing will be unenforceable. This applies whether or not the lease is contracted out of the Landlord and Tenant Act 1954.

Existing leases won’t be affected, but going forward, landlords won’t be able to lock tenants into rent levels that only go up where, at the start of the lease, that level of rent is not known and cannot be determined.

Why It Matters to You

If you’re running a business from leased premises, this is a significant shift. UORRs have long been a thorn in the side of tenants, especially independents and SMEs, who’ve found themselves stuck paying above-market rents during downturns.

This reform transfers risk from tenant to landlord, meaning landlords are likely to follow the approach outlined below. You may however have more flexibility to negotiate rent based on market conditions when agreeing a new or renewal lease.

What Landlords Might Do Next

Landlords won’t take this lying down. Expect to see:

  • More aggressive initial rent negotiations to offset future uncertainty.
  • Shorter lease terms, often contracted out of the 1954 Act, which could mean more frequent relocations or renegotiations for tenants.
  • Pre-agreed stepped rents, where rent increases are fixed from the outset, as these won’t be caught by the ban.
  • Index-linked reviews replacing upwards only open market reviews, offering predictability but potentially less room for negotiation.

Also, don’t be surprised if tenant-friendly perks like break clauses or rent-free periods become harder to secure.

What You Should Do

If you’re entering into a new lease or renewing an existing one:

  • Review the rent review clause carefully, make sure it allows for downward adjustments.
  • Consider stepped or indexed rent structures if they offer better predictability.
  • Negotiate hard at the outset, landlords may front-load rent to hedge against future drops.
  • Get advice, a good commercial property solicitor can help you navigate the new landscape.

Final Thought

This reform is a win for business owners, but it’s not without trade-offs. As the market adjusts, lease negotiations may become more complex. The key is to stay informed, negotiate smart, and structure leases that support your business’s long-term viability.

If you’d like to talk through how this change might affect your next lease negotiation, our Commercial Real Estate team is here to help.

Read the rest of The Fineprint edition 2 here. 

Taylor Swift’s Engagement and Why Business Owners Need a Pre-nup Too

Posted on: November 20th, 2025 by Alanah Lenten

Taylor Swift’s engagement to Travis Kelce might be dominating headlines, but behind the romance is a legal reality every business owner should pay attention to: the prenuptial agreement.

With a billion-dollar empire built on music, branding, and intellectual property, Swift’s lawyers are almost certainly drafting a pre-nup. But here’s the thing ,  you don’t need to be a global superstar to need one. If you own a business, have family wealth, or simply want clarity in your financial future, a pre-nup isn’t just smart,  it’s essential.

What’s a Pre-nup, Really?

A prenuptial agreement is a legal contract signed before marriage or civil partnership. It sets out how assets will be divided if the relationship ends.

In England and Wales, pre-nups aren’t automatically binding,  but since the landmark case Radmacher v Granatino, courts will usually uphold them if:

  • Both parties sign freely
  • There’s full financial disclosure
  • Each person gets independent legal advice
  • The agreement is fair and doesn’t leave anyone in hardship

In short: when done properly, a pre-nup carries serious weight.

Why Founders and Business Owners Should Care

Whether you’re scaling a tech startup or running a family-owned business, a pre-nup can protect what you’ve built. Here’s how:

  • Protecting pre-acquired assets: Like your business, property, or investments.
  • Safeguarding family wealth: Including gifts, inheritances, or shares in a family firm.
  • Providing for children from previous relationships: Ensuring their financial future is secure.
  • Reducing conflict and legal costs: If separation happens, clarity helps everyone move forward.

This isn’t about mistrust. It’s about planning responsibly,  just like you would with shareholder agreements or succession planning.

Common Pre-nup Myths, Debunked

“Pre-nups are only for celebrities.”
Not true. If you own property, have savings, or run a business, you have something worth protecting.

“Signing a pre-nup means you expect divorce.”
No more than writing a Will means you expect to die tomorrow. It’s about being prepared.

“Courts ignore them.”
Not anymore. Properly drafted pre-nups are taken seriously.

Lessons from Taylor Swift’s Engagement

Swift’s assets include royalties, trademarks, and ongoing income from her tours. But the principle applies to any business owner: protect your intellectual property, your equity, and your future.

A pre-nup isn’t about predicting failure. It’s about protecting success.

Practical Tips for Business Owners

  • Start early: Sign at least 28 days before the wedding to avoid pressure.
  • Be transparent: Full financial disclosure is non-negotiable.
  • Get independent legal advice: Each party should have their own solicitor.
  • Plan for change: Include review clauses for children or major life events.

Final Thought

If you’re engaged and you own a business, a pre-nup isn’t just a legal formality, it acts as a strategic move. It protects your legacy, your team, and your future.

At Lawrence Stephens, we help founders and business owners create pre-nups that reflect their values and protect what matters most. If you’d like to explore your options, contact Annabel Andreou today.

Because whether you’re planning a wedding or building a business, clarity is the best foundation.

Read the rest of The Fineprint edition 2 here. 

Off-Duty, On Your Radar: Why Employee Misconduct Outside Work Still Matters

Posted on: November 20th, 2025 by Alanah Lenten

The Festival Fallout: What Happens When Staff Misbehave Off the Clock

As the year draws to a close and the festive celebrations kick in, your team might be swapping spreadsheets for champagne flutes at Christmas parties or ringing in the New Year at glamorous gatherings. For most, it’s all in good fun. For others, it can become a cocktail of excess: alcohol, late nights, and behaviour that’s anything but brand-safe.

And here’s the truth: what happens off-site doesn’t always stay off your radar. If misconduct is witnessed by clients, colleagues, or even caught on camera, it can quickly become your problem. This year, Glastonbury made headlines for all the wrong reasons, with antisemitic chanting aired by the BBC sparking public outrage and we all saw what happened on the Coldplay kiss cam when the CEO and Chief People Officer of the tech company Astronomer, were caught having an affair.

The reputational ripple effect was swift and severe.

When Private Behaviour Becomes a Public Problem

Not every out-of-hours misstep warrants disciplinary action. But if the behaviour is criminal, breaches your company policies, or risks reputational damage, you may need to act, and fast.

Here’s the usual playbook:

  • Investigate: Establish the facts and assess whether there’s a case to answer.
  • Hearings: If warranted, hold a disciplinary hearing and weigh up the evidence.
  • Decide: Take proportionate action based on the severity and impact.

But tread carefully. If there’s no clear link between the misconduct and the business, disciplinary action could backfire, think unfair dismissal claims or constructive dismissal risks.

Reputation Is Everything—But It’s Not Always Enough

Reputational damage is often cited as the reason for disciplinary action. But it’s a slippery concept. What counts as reputational harm? And how do you prove it?

Case law is full of surprises. Employees have been dismissed for behaviour most would consider outrageous, only for tribunals to rule the dismissal unfair. The key? Employers must genuinely believe the misconduct could harm the business and must assess the risk with care.

Drawing the Line: Policy, Culture, and Clarity

Entrepreneurs and owner-managed businesses often operate in close-knit teams where culture is king. That’s why clarity matters. Your people need to know what’s expected of them , on and off the clock.

Here’s what you can do:

  • Create conduct policies: Spell out what’s acceptable outside work.
  • Update your social media policy: Online behaviour is public behaviour.
  • Train your team: Regular sessions on professionalism and reputational risk.
  • Act consistently: Fair and prompt responses build trust and protect your brand.

Final Thought: Prevention Beats Cure

Managing off-duty misconduct isn’t just about damage control, it’s about setting standards that reflect your company’s values. In a world where personal and professional lives blur, your reputation is only as strong as your team’s behaviour, on and off the job.

Need help navigating this terrain? Contact Emma Cocker to see how we can support you. 

Read the rest of The Fineprint edition 2 here. 

The Business of Sweat: How HYROX Built a Global Fitness Phenomenon

Posted on: November 20th, 2025 by Alanah Lenten

HYROX is the latest global phenomenon, with over 650,000 participants in 11 countries and over $140 million in revenue this year alone. Starting as an idealistic concept between two fitness gurus, it quickly snowballed into one of the most meticulously engineered, mass participation events in the world. But behind the sweat-drenched finish lines and roaring crowds lies a web of legal, logistical, and commercial strategy that has moved this fitness phenomenon into a league of its own.

The Rise of HYROX: From Concept to Cult Following

HYROX was born from the minds of Christian Toetzke, a veteran of mass participation events, and Moritz Fürste, a three-time world champion and Olympic medalist. Unlike CrossFit, which focuses on varied functional movements, or Spartan races and Ironmans, which emphasize endurance and obstacle challenges, this fitness event offers a consistent race format that combines running with functional fitness exercises. This model not only filled a niche in the market but also provided a structured, repeatable challenge that participants could train for and improve upon over time.

Community First: The Power Behind the Growth

The key to their success, it appears, is its emphasis on both community and consistency. A key part of their success is rooted in its community. With a race format that never changes, 1km runs interspersed with functional workouts, it offers predictability that fosters routine and progress. This consistency has helped build a loyal base of athletes who train year-round for the same challenge. Such organisation has inspired gyms, coaches, social media influencers, content creators and other athlete ambassadors to embrace the movement, which in turn has encouraged record numbers of participants across the globe and helped build the HYROX brand.

Operational Muscle: How to Run a Global Machine

Running standardised events across multiple countries presents significant logistical challenges. HYROX navigates these complexities by employing full time employees based at their headquarters in Hamburg, Germany with regional partners in countries hosting events.

Robust contracts for both full time workers and those working in the gig economy will help to ensure consistency and quality. This, in turn, has led to smoothly run events which competitors and staff alike can enjoy.

For example, volunteers at the London event get free entry to spectate, food, drinks, snacks, meet new people, patch & a ticket with priority access to upcoming UK competitions. Meaning that the brand not only gets almost ‘free help’, those volunteering get experience in a sporting event, they also have a unique opportunity to get “inside” knowledge into how specific events work with improved knowledge of the rules and potential tips and tricks for the next time they compete themselves.

However, HYROX may face some challenges in the near future in the UK, with the Labour government seemingly committed to reforming the employment law landscape through the Employment Rights Bill.

Intellectual property considerations, such as branding, also play a crucial role in maintaining the integrity of the HYROX experience worldwide. One key way they protect their brand is with trade marks. HYROX World GmbH owns the trade mark over the word “HYROX” granting them the exclusive right to use the mark for the registered goods and services.

The ownership of this right means they retain control over the use of the word. This enables them to create and maintain a strong brand identity, ensuring consistently high standards and enabling the brand to take enforcement action against counterfeiters or free riders wishing to benefit from their success without consent.

A strong trade mark can also become a valuable business asset as the brand grows and gains recognition, adding significant value for entrepreneurs looking to exit.

Scaling Sports: What’s Next for HYROX?

As the business continues to expand, the question arises: how can it be scaled even further, if at all? Can it match the likes of CrossFit?

The potential for growth lies in exploring licensing, franchising, and digital products. Entry into emerging fitness markets (e.g., Asia, South America) or collaborating with wellness brands could unlock new revenue streams. Should they wish to partner with other brands however, the company must carefully navigate the legal landscape surrounding licensing with carefully drafted license agreements, among other legal documents, to protect the brand and ensure HYROX retains ultimate ownership of its Intellectual Property.

Lessons for Entrepreneurs: What Can We Learn From HYROX?

HYROX’s journey offers valuable insights for entrepreneurs. The importance of identifying a niche, maintaining consistency, and fostering a strong community cannot be overstated. Operational precision is a core brand value that has enabled HYROX to deliver a reliable and high-quality experience.

The hybrid model of combining physical experiences with scalable commercial partnerships serves as a blueprint for success in the fitness industry and beyond. Entrepreneurs can learn from HYROX’s ability to innovate, adapt, and grow while staying true to its foundational principles.

Contact the sports team to see how Lawrence Stephens supports athletes and sport brands. 

Read the rest of The Fineprint edition 2 here. 

Cyberattacks Are Coming. Is Your Business Ready? What Jaguar Land Rover Can Teach Founders About Resilience

Posted on: November 20th, 2025 by Alanah Lenten

When Jaguar Land Rover had their production lines ground to a halt in August it wasn’t a supply chain issue or a strike, it was a cyberattack, the company revealed this month that they took a £485m loss following the attacks. And it’s a wake-up call for every founder, entrepreneur, and owner-managed business in the UK.

Because here’s the truth: cyber threats aren’t just a big business problem. They’re a modern business reality. And if a global brand like JLR can be brought to its knees, what does that mean for the rest of us?

Let’s break down what happened, what it means, and how you can protect your business – before it’s too late.

Cybersecurity: Not Just for the IT Team

Cybersecurity isn’t just a technical issue. It’s a boardroom issue. It’s about protecting your operations, your reputation, and your bottom line.

A single breach can:

  • Freeze your systems
  • Erode customer trust
  • Trigger regulatory investigations
  • Cost you millions

And for founder-led businesses, the stakes are even higher. You’ve built this. You’ve scaled it. You’ve poured your energy into it. So protecting it isn’t a ‘nice to have’, it should be considered an essential element of your risk protection.

Preparation Is Power

The best defence? Preparation. Here’s what smart founders are doing now:

  1. Build a Crisis Plan

Know what happens in the first 72 hours. Who leads? Who communicates? Who isolates systems? Rehearse it. Simulate it. Make it muscle memory.

  1. Backups That Actually Work

It’s not enough to have backups. You need to know they’ll restore quickly. Jaguar Land Rover  shutdown shows how costly downtime can be.

  1. Train Your Team

Your people are your first line of defence. Teach them to spot phishing emails, suspicious activity, and the importance of software updates.

  1. Get Insured

Cyber insurance is a strategic tool. It can highlight vulnerabilities and give you access to breach response experts when it matters most.

The First 72 Hours: What Founders Must Know

If you’re hit, speed matters. Here’s your checklist:

  • Notify the ICO within 72 hours if personal data is at risk.
  • Alert customers and suppliers transparently.
  • Engage law enforcement and Action Fraud.
  • Call your insurer immediately to activate breach support.
  • Bring in forensic experts to contain the damage and preserve evidence.
  • Work with breach lawyers to manage regulatory fallout and potential claims. Compliance becomes survival!

Should you pay the ransom in a cyber-attack?

To pay or not to pay? That is the ransom dilemma.

Ransomware attacks often come with a demand: pay up or stay locked out.

The National Crime Agency advises against paying. But in reality, some businesses feel they have no choice. If you’re considering it:

  • Check your insurance policy- some cover ransom payments.
  • Consult a crypto recovery lawyer- recovery may be possible even after payment.

This is a high-stakes decision. Don’t make it alone.

Lessons from Jaguar Land Rover: Cyber Is a Leadership Issue

The JLR incident proves one thing: cybersecurity belongs in the boardroom.

Founders must:

  • Demand robust planning
  • Allocate real resources
  • Rehearse response strategies

Because when the attack comes, and if recent high-profile cyber attacks (JLR, M&S) are anything to go by, they can be on the horizon for any business. It’s not just your systems on the line, it’s your reputation, your team, and everything you’ve built.

Final Thought

Cyber resilience isn’t about paranoia. It’s about preparation. And for founder-led businesses, it’s about protecting the legacy you’re building.

If you want to stress-test your cyber strategy or build a response plan that actually works, get in touch with Dominic Holden. At Lawrence Stephens, we help founders stay secure, stay compliant, and stay in control, even when the worst happens.

Read the rest of The Fineprint edition 2 here. 

UK SME Growth Strategy: What Founders and Business Leaders Need to Know

Posted on: November 20th, 2025 by Alanah Lenten

The UK government’s strategy published in August, Backing Your Business: Our Plan for Small and Medium-Sized Businesses, sets out reforms to drive growth and innovation across the SME sector, recognising their vital role in driving innovation, employment and economic growth within the UK.

With SMEs representing 99.8% of the UK businesses and generating over £2.8 trillion annually, the strategy places small and growing businesses – from start-ups to owner-managed enterprises – at the heart of the UK’s economic future.

But what does this mean for your business? Below, we highlight the key pillars of the strategy, and what founders, SMEs, and business leaders should consider to prepare.

  1. Fixing the Fundamentals

The government aims to cut late payments, reduce regulatory burdens by 25%, and modernise tax and customs systems. They also plan reforms to support small developers and support the net zero transition including support with energy efficiency.

For SMEs, founders and business leaders, this means:

  • Cash flow protection
    Late payment remains a top cause of small business failure. Strong contract and invoicing processes are essential, including ensuring your commercial contracts are drafted and reviewed to ensure compliance with new late payment legislation and interest clauses.
  • Regulation simplification
    All business owners dream of a world with less admin and corporate reporting, but it is essential to stay ahead of new compliance requirements that come with new licensing reforms and SaMBAs (Small and Micro Business Assessments).
  • Planning reforms
    Growth-focused businesses may gain easier access to sites and infrastructure opportunities.
  • Net Zero readiness
    Sustainability is becoming a competitive advantage with customers, investors and lenders. Ensuring a review of green leases, energy contracts, and sustainability-linked financing aids the transition to environmentally-conscious business practices.

 

  1. Unlocking Access to Finance

Reforms will expand start-up loans, British Business Bank programmes, introducing mandatory Code of Conduct for personal guarantees, and improve access to finance for underrepresented founders.

Why this matters for SMEs and owner-managed businesses:

  • Funding choices
    The wrong loan or equity structure can add unnecessary risk if compliance with lender codes and guarantee terms aren’t considered.
  • Investor Readiness
    Businesses with robust governance, shareholder agreements and IP protections are more attractive to investors.
  • Inclusive funding
     New regional and diversity-focused schemes could unlock finance that was previously out of reach.

 

  1. Backing the Everyday Economy

Plans include licensing reforms for hospitality and night-time economies, High Street Rental Auctions and Community ‘Right to Buy’, transforming business rates, banning upward-only rent review clauses and introducing crime prevention initiatives.

Implications for business leaders:

  • Rental flexibility
    Property reforms may lower overheads or open up high street opportunities.
  • Licensing changes
    Retail and hospitality businesses need to stay compliant to avoid costly disruption.
  • Crime prevention
    Measures could help reduce theft and loss such as shoplifting and tool crime, protecting already tight margins.

 

  1. Future-Proofing Business Skills

Supporting digital adoption programmes and AI integration, leadership and mentoring initiatives, apprenticeship and skills system reforms and enterprise education and youth entrepreneurship awards form a key part of the strategy.

Why founders should take note:

  • Workforce development
    Apprenticeships and training can tackle skills shortages while building loyalty.
  • Digital & AI adoption
    Early adopters gain efficiency, but compliance (e.g. data protection) must be built in.
  • Leadership growth
    Governance and mentoring initiatives help scale businesses sustainably. Supporting leadership development through governance frameworks and mentoring agreements assist this.

 

  1. Opening Up Opportunities

The government is launching the Business Growth Service, providing export support and trade finance expansion, SME-friendly procurement reforms, IP protection and secure innovation reviews.

For SMEs and growing businesses:

  • Public Procurement
    More opportunities to supply government contracts, but preparation is key.
  • Export readiness
    Strong contracts and customs compliance are vital to avoid delays and penalties.
  • IP Strategy
    Innovations need to be protected and commercialised to maintain competitive advantage from registering and enforcing IP rights to licensing, and IP-backed financing.
  • Cybersecurity and Innovation
    Strong protections build customer trust and secure growth..

 

The UK’s SME growth strategy is wide-reaching, with reforms that could reduce risks, open new opportunities, and make it easier to scale. For founders, owner-managed businesses and SMEs, the challenge is translating policy into action: tightening up contracts, reviewing finance options, investing in digital tools and skills, and safeguarding innovation. We play a critical role in helping our clients and their businesses interpret and implement these reforms, ensuring they remain compliant, protected and well positioned to seize new opportunities.

Those who prepare now will be best positioned to thrive as the strategy unfolds.

View our checklist to see what you can do to prepare

If you are a small or medium-sized business who wants to understand how you can utilise any of the points mentioned above or understand the effect these changes may have on your operations or growth plans get in contact with Harshita Samani.

Read the rest of The Fineprint edition 2 here. 

The Fineprint: Launch Edition – July 2025 – Insights for Founders

Posted on: June 27th, 2025 by Alanah Lenten

A note from the Editors:

We’re pleased to launch Lawrence Stephens quarterly newsletter designed for founders, entrepreneurs, and owner-managed businesses who are passionate about growing their ventures and staying informed about the latest industry trends and legal updates. If you’re a business owner, startup founder, or an entrepreneur looking to gain insights, practical advice, and inspiration, this newsletter is for you. Whether you’re just starting out or looking to scale your business, The Fineprint offers content written with you in mind.

– Charlotte Hamilton and Alanah Lenten

Subscribe here if you’d like this newsletter delivered straight to your inbox 

 

In this edition

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How to Structure Your Business Like a Socialist

Inspired by London’s biggest festival of ‘socialist ideas’ we put our lawyers through a thought experiment: we explore how to build a business on socialist values – without sacrificing entrepreneurial ambition. From share schemes to employee ownership, Leigh Sayliss and Oliver Corbally explain how you can be Capitalist with a conscience.

 

Beyond the Crowd: The People Powering Events and the Contracts That Support Them

Whether you’re running Glastonbury or Wimbledon, successful events are powered by a complex team. Therefore, getting employment contracts right is no longer optional. Each status comes with different rights, responsibilities, and risks. Becci Collins breaks down what organisers need to know about worker classification and the key risks.

 

Burberry, Budgets & Booms: What’s Really Going On in the UK Economy

Retail’s recovering. Luxury’s wobbling. Growth is peaking. What does it all mean for your business? Charlotte Hamilton breaks down the headlines into real-world signals and how to respond.

 

How to Get Disqualified as a Director

Ever wondered what gets directors banned for up to 15 years? From misusing Bounce Back Loans to dodging tax, Lefteris Kallou outlines the most common (and costly) mistakes directors make and how to avoid them.

 

How the UK can back Crypto Innovation with Action

The UK has an incredible opportunity to lead the world in digital assets and blockchain innovation, so why are we still stuck in first gear? Matt Green explores the steps that could help the UK move from ambition to action, from appointing a blockchain envoy to launching a coordinated digital asset strategy.

 

Why Founder-Led Businesses Are Reshaping the UK Economy

From gritty growth stories to game-changing innovation, founder-led businesses are rewriting the rules. Alanah Lenten sat down with John Maffioli to understand why he started FEBE and what FEBE’s Growth 100 tells us about the future of UK business.

 

Thinking of Selling Your Business? Why the Exit Isn’t Always the Fairytale Ending

We teamed up with coach and founder Lucy Scarlett to explore the emotional reality of business exits – from loss of identity to post-sale guilt – and what you can do to navigate it with clarity.

If you have any feedback, queries or comments on any of the above articles, please get in touch with Alanah Lenten.

How To Structure Your Business Like A Socialist

Posted on: June 27th, 2025 by Alanah Lenten

With the UK’s biggest socialist festival approaching in July.

It got us thinking…

What would it look like to structure a business on socialist principles, without giving up the entrepreneurial spirit that fuels start-ups and scale-ups?

We put our lawyers through a thought experiment: how would you build a business that shares success, supports workers, and still grows fast?

Turns out, you don’t need to throw out capitalism entirely to build a company rooted in fairness. The UK tax system, perhaps surprisingly, offers smart, practical ways for business owners to share the rewards of growth with the people who help build it, without sacrificing financial success.

Here’s how to structure your business with socialist values and make the system work for your team, not just for you.

From Startup to Shared Success

The early days of running a business are tough, ‘cash is king’, and conserving it is critical. One creative way to extend your runway? Share equity with the people who are helping you grow. Giving shares in a new company to the people who work for it can save the company hard earned cash, leaving more of the venture capital funds available to grow and develop the business. 

Issuing shares to key team members early on not only reduces your wage bill, it also aligns their interests with your interests as founding owner. Better still, if your business succeeds, those early shares can turn into a meaningful reward for your team.  Having shares in a business is not as secure as being rewarded with a salary and there is even a risk that the value of the shares may fall – and the tax system recognises this risk, taxing capital gains more lightly than income. Although the worker may be taxed on the value of the shares they receive if you bring them into the business before the business has started to grow, the value of the shares should be low.  Any increase in value will then generally be taxed as a capital gain – giving a lower rate of tax than earnings. 

For those who join later in the game, when your company already has value, growth shares may be more appealing.  These only have value if the company grows, allowing people to benefit from the growth in the business to which they have contributed – with the benefit that they reduce any tax charge when the shares are issued. 

The key is to plan early. Don’t wait until your company’s value has risen; that’s when the tax charges get trickier.

Options That Support the Collective

As your business grows, you can offer share options rather than immediate shares. These let employees buy shares later at a set price – usually the current value – meaning that if the company succeeds and the shares go up in value, the worker can buy them at a discount, but if they go down, the worker doesn’t lose out.

To make this even more effective there are option schemes that allow the benefit of the lower capital gains tax rates when the shares are sold:

  • Use EMI (Enterprise Management Incentives) for maximum tax efficiency, these are tailored for small, fast-growing businesses.
  • Or try CSOP (Company Share Option Plans) which are still tax-advantaged and great for rewarding key team members.

Both schemes are designed for strategic flexibility so you can choose who benefits.

Want Everyone In? Go Egalitarian

There are also schemes designed for all employees, not just a chosen few:

  • SAYE (Save As You Earn) lets workers save monthly and buy shares at a discount after 3 or 5 years.
  • SIPs (Share Incentive Plans) let you gift shares or match employees’ own investments with bonus shares, all in a tax-efficient wrapper.

These can create a culture of collective ownership and long-term thinking, where everyone has skin in the game.

If You Really Want to Go Full Co-op

A business owner can allow workers in the business to acquire shares and have an involvement in the profits of the business – but what about the owner who wants to retire or sell up and hand over the business to the workers?  Well, if you’re inspired by John Lewis, Arup or Mott MacDonald, and you’re thinking long-term legacy, Employee Ownership Trusts (EOTs) might be for you.

Selling your business to your employees via an EOT can:

  • Allow you to sell tax-free (as long as the trust acquires at least 50% of the business).
  • Unlock tax-free bonuses (up to £3,600 a year) for employees going forward.

As a final bonus for the workers who were given EMI Options, they should be able to exercise their options and receive shares (EMI Shares) at a discount.  Even though they will have received the EMI Shares as a benefit of their employment, any gain they make on selling them should be subject to the lower tax rates that apply to capital gains (as against income).

It’s an elegant succession plan for founders who want to retire and leave something meaningful behind for the people who helped them create and grow their business.

Leaving a Legacy: Social Values Beyond the Business

For founders thinking long-term- beyond even their active role in the business- there’s another layer to consider: charitable giving through Wills. Allocating a portion of your estate to causes that align with your values allows you to extend your impact well beyond your lifetime. Not only can this support causes close to your heart, it can also reduce the tax burden on your estate, allowing you to give more both to your beneficiaries and to charity.

Whether you want to leave a specific bequest or dedicate a percentage of your estate to charity, these actions reflect the same values of social responsibility and shared benefit that underpin everything from employee ownership to ethical investing.

Sharing Success Isn’t Just Socialist –  It’s Smart

Founders often fear that “giving away” equity weakens their position. But what if sharing actually strengthens your business?

Workers who own a piece of the company are more motivated, more loyal, and more invested, quite literally, in its success. With the right structure, you’re not handing over control. You’re building a team of mini-founders who want the business to win. 

And yes, it’s possible to do this without bleeding cash, losing your edge, or drowning in tax bills. The UK system, for all its quirks, supports smart, inclusive entrepreneurship.

The Bottom Line

You don’t have to be waving a red flag at a rally to structure your business like a socialist. But if you care about people, equity, and purpose – and you want to build a business that reflects those values – there are real, tangible tools at your disposal.

So this July, while the crowds at the socialist festival debate the future of work and ownership, ask yourself: what kind of business do I want to build?

Because with the right strategy, you don’t have to choose between profit and people. You can have both.  Letting your workers have shares may leave you with a smaller percentage of the equity – but the business is so much larger that everyone wins.

If you’d like to explore how this could work in your business- whether you’re raising funding, building a team, planning your exit or shaping your legacy – do get in touch. At Lawrence Stephens, we’re here to help founders build businesses that reflect who they are, and what they believe in.

Read the other articles in this edition here : The Fineprint – Edition 1 – July 2025 – Lawrence Stephens