Solicitors in Essex, Colchester, Chelmsford, London – Fisher Jones Greenwood https://www.fjg.co.uk Fri, 14 Jun 2019 12:01:06 +0000 en-GB hourly 1 https://wordpress.org/?v=5.2.1 Pride Colchester https://www.fjg.co.uk/blog/2019/06/29/pride-colchester https://www.fjg.co.uk/blog/2019/06/29/pride-colchester#respond Sat, 29 Jun 2019 09:00:42 +0000 https://www.fjg.co.uk/?p=14586 There are 100+ Pride celebrations throughout the UK this Summer. Pride is about...

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Fisher Jones Greenwood Pride Logo

There are 100+ Pride celebrations throughout the UK this Summer.

Pride is about communities coming together. It is also an event for everyone showing support for acceptance as well as equality for all LGBTQ+.

FJG are proud to support Pride Colchester.

Drop by our stand in the Firstsite building on Saturday 29th June – meet our friendly team and grab some goodies and giveaways.

This year, Pride Colchester is bigger than ever, with a day of celebration, education, community and much more and Fisher Jones Greenwood are proud to be supporting and be involved in this event.

Pride is about communities coming together in celebration, protest, unity and solidarity.

More information and full line-up coming soon.

Find out more at www.colchesterpride.lgbt

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Debenhams update: restructuring plans gone wrong? https://www.fjg.co.uk/blog/2019/06/13/debenhams-update-restructuring-plans-gone-wrong https://www.fjg.co.uk/blog/2019/06/13/debenhams-update-restructuring-plans-gone-wrong#respond Thu, 13 Jun 2019 09:12:58 +0000 https://www.fjg.co.uk/?p=14700 Debenhams enters Company Voluntary Arrangements (CVA) after restructuring plans go wrong. Retail giant...

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Debenhams enters Company Voluntary Arrangements (CVA) after restructuring plans go wrong. Retail giant Debenhams went into pre-packed administration on 9th April 2019. For further details of the original development of this story, you can access our previous blog available here: Are Debenhams Stores Closing?

Since our last blog on this topic, Debenhams has rejected finance offers put forward by Sports Direct. Sports Direct were Debenhams largest shareholder, owning approximately 29% of its issued share capital at that time. Control over Debenhams has since passed to its lenders; i.e. Barclays and US hedge funds. As a result, Sports Direct lost its shares in Debenhams together with its investment of approximately £150 million.

What happened since 9th April 2019?

Debenhams announced on the 26th April 2019 that it had planned for rent reductions; as well as closing 22 stores after Christmas 2019. This is part of a Company Voluntary Arrangement (CVA) (a specialist insolvency procedure) that Debenhams entered in to with a view to reach an agreement with its creditors to pay off all or part of its debts and provide a turnaround for Debenhams. It confirmed that “Debenhams’ CVA proposals were approved by the vast majority of landlords and more than 90% of all creditors”.

The creditors (including Sports Direct) were given a 28-day period during which they could appeal the CVA. Sports Direct challenged the CVA in court, with a view to overturn such arrangement, following the decision of Debenhams’ creditors to  turnaround the store chain by closing approximately 50 stores and reducing rents to approximately 100 stores.

What do the lenders say about Company Voluntary Arrangement challenges?

It is noted that the lenders confirmed the CVA challenges are “spurious, without merit and will vigorously defend them”. Moreover, such challenges are just ‘unnecessary distraction as the lenders implement their restructuring plans”.

What happens next?

It is not certain at this moment in time whether Sports Direct’s challenge will be successful or not. However, if the claim is successful, Debenhams may have to change their current restructuring plans.

As a result, the future of Debenhams continues to appear to be both bleak and precarious – with further developments expected in the not-too-distant-future.

The Corporate Commercial Department here at Fisher Jones Greenwood LLP can assist you with a company voluntary arrangement, internal restructures, sale of business, acquisitions and/or any other related services; as well as assist you with the preparation of any documentation required and guide you through the transaction.

Should you require any information or assistance do not hesitate to get in touch. Please call 01206 700113 or email contact@fjg.co.uk.

Source: BBC News

 


 

Read other blog articles by Andreea Brindas…

What’s happening with Jamie’s Italian?

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More investment in vertical farming technology https://www.fjg.co.uk/blog/2019/06/11/more-investment-in-vertical-farming-technology https://www.fjg.co.uk/blog/2019/06/11/more-investment-in-vertical-farming-technology#respond Tue, 11 Jun 2019 09:55:26 +0000 https://www.fjg.co.uk/?p=14652 Ocado is planning to grow herbs together with leafy greens next to its...

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Ocado is planning to grow herbs together with leafy greens next to its distribution centres; and have already made two significant investments in indoor farming. The first investment is a joint venture with 80 Acres, a US vertical farm business; as well as a second investment with Priva, a Dutch firm that provides climate-control technology. Ocado has also bought a stake in vertical farming pioneer, Jones Food in Scunthorpe.

Producing Crops

For those who don’t know, Jones Food runs an amazing 5,000 meters of vertical, indoor growing space. And because the space it lit by miles of LED lights, it can produce crops all year round. The idea is this controlled environment helps save energy and water with focus on sustainability; as well as a reduction in food waste. And, you get good quality results every time.

There are lots of innovative farmers out there who are trialling this method of vertical farming; including in an urban environment, where space is at a premium.

Interestingly, the model of indoor farming includes:

  • Hydroponics. Basins of nutrient-rich water are used to grow plants.
  • Aeroponics. Roots of a particular crop are periodically sprayed with a mist containing nutrient-rich water; and,
  • Aquaponics. Fish help cultivate bacteria which is then used for plant nutrients.

As an example method of growing plants using indoor farming, hydroponics uses water that is recycled after it’s evaporated from the plant; and then recaptured from humid air. UV light is also used to prevent plant disease(s) from spreading.

UV lights is used to help prevent disease from spreading across the plants.

From Farm to Kitchen within One Hour

Ocado’s chief executive Tim Steiner said he wanted vegetables grown in this way; as they can be delivered to kitchens within an hour of being picked. This is perhaps not as wild an idea as someone would think. It is apparently possible to grow practically anything in this way; although it’s more cost-effective to produce quicker-growing crops that yield a high market value. For example, strawberries, herbs, baby veg, salad leaves, and even edible flowers fetch more per kilogram than certain root vegetables.

Fisher Jones Greenwood have Commercial experts who can help you with land as well as farming contracts, call 01206 700113 or email contact@fjg.co.uk.

Source: BBC News 11 June 2019

 


 

Read more blog articles from Ellen Petersen

Looking ‘up’ for development opportunities

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Takeaways from the Women in Law Summit… https://www.fjg.co.uk/blog/2019/06/10/women-in-law-summit-19 https://www.fjg.co.uk/blog/2019/06/10/women-in-law-summit-19#respond Mon, 10 Jun 2019 14:18:31 +0000 https://www.fjg.co.uk/?p=14618 Women in Law. Working towards a diverse, inclusive workplace and identifying the steps...

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Women in Law. Working towards a diverse, inclusive workplace and identifying the steps needed to achieve true gender equality; as well as creating real opportunities in an action-orientated and collaborative way within the profession.

Ellen Petersen, Partner, attended the Women in Law Summit 2019. Although the conference was titled ‘Women in Law’, the debates & insights were relevant to challenges facing all professions & working environments.

The Women in Law Summit 2019 took place at the Kensington Olympia on 17th May and very enlightening it was too.

Inspirational Speakers

There were some inspirational speakers, notably Gina Miller (who successfully challenged the UK Government over its authority to implement Brexit, winning in both the High Court and Supreme Court), who gave an emotional keynote speech about her personal life journey and Kizzy Augustin (partner at Russell-Cooke), who was the morning plenary speaker and de-facto “host” of the day.

Kizzy spoke so brilliantly about the old school legal partnership model and how this constricts growth. Her view & call to action was that in order to retain talent, we need to challenge traditional ways of thinking. That means looking closer at and bringing about flexible working to give people what they want at work. This includes agile working and “nomadic” IT solutions, where people have the tools to become better managers of time. The crux is to act responsibly and respectfully in diverse recruitment and to encourage transparency and honesty about what the business & colleagues want.

Kizzy had a further message about the ripple effect of our positive actions; we need to inspire our colleagues and encourage energy and different views. This can only have a positive outcome with reference particularly to the retention of all people with talent. Several sessions during the day discussed talent retention with particular focus on how we can improve the working environment; given that the standard 9-5 doesn’t suit most people these days. We were asked to find innovative ways to work, including flexible and remote working because working from home is attractive to all. It is not just for those with children or others to care for (which can often be more productive without the need to factor in hours for a daily commute); as well as to look at how we can work smarter with tech.

Presentations and Q&A Sessions

The Summit featured various presentations and Q&A sessions including a session on the future of law firms and the need to understand the architecture around legal tech. This goes to the heart of agile working solutions. Tech enables flexibility and smarter working; but we need to foster greater tech skills to build a stronger ‘brand’ and network; both as law firms and as individuals. Tech skills allow us to differentiate ourselves from competitors & make us effective, confident and communicative lawyers with innovative & entrepreneurial skills.

A session, which featured Helen Libson (Global Community Manager for Peerpoint) and Alexandra Gladwell (Senior Commercial Litigation Lawyer and Peerpoint Consultant) brought about a really interesting observation that work life balance is the most important factor for everyone. This is not just about part time work. The definition of this work-life balance is not clear cut and includes: consultancy; using legal skills in interesting ways; tech-savvy solutions; working outside the office; working outside non-standard office hours; and, remote working. It appears that the definition of success and ambition has changed. Good quality legal talent will want to remain with a firm, but only if life expectations are met. We are changing from the “lean in” culture and we need to lean out. These are very exciting and interesting times now in law, after a prolonged period of non-material change.

Intersectionality

The presentation and Q&A on Intersectionality and the law gave the message that stereotypes can hamper breakthrough into a leadership role and especially that the success of women now needs to produce allies to all intersection – “Don’t just invite to the party – ask to dance”.

The Intersectionality session discussed the fact that law firms need to plan well and do more to attract (for example) disabled talent into private practice as role-models and to accommodate all disability and mental health and well-being. Yasmin Sheikh said that we need to look at what people can do; as opposed to what people can’t do. It is also important to get people more comfortable with those with disability / mental health conditions in the workplace. The issue is to build a better, more inclusive workplace to enable people to thrive. There is a reputational risk if law firms don’t make these changes.

The well-being of junior lawyers was not forgotten, with practical advice on the issue of imposter syndrome and resilience. The message being that to have a full and positive career one must foster different versions of self. The more narrowly we define ourselves, the more open we are to problems. For example, a stressful working life must feature something outside work to avoid burnout. New learning experiences allows one to build confidence and resilience and also helps with stress and managing time pressures.

Mentoring

The session on mentoring was enlightening and featured discussion on traditional, peer and group mentoring; with the latter focussing on knowledge sharing. Many tips were shared about the mentoring experience, both for mentor and mentee, including the need to listen to each other with trust and respect and with an open mind, in order to provide constructive and honest feedback. The ideal is to make valuable and positive impact and to celebrate achievement.

The day was a dizzy round of intelligent and focussed debate on the issues that matter in any working environment. It was not just for women (despite the title!) and not just in law firms.

 


 

Read more blog articles from Ellen Petersen…

Securing rights to future payments after the sale of land…

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Government consults on Hackitt response to Grenfell Tower fire https://www.fjg.co.uk/blog/2019/06/10/government-consults-on-hackitt-response-to-grenfell-tower-fire https://www.fjg.co.uk/blog/2019/06/10/government-consults-on-hackitt-response-to-grenfell-tower-fire#respond Mon, 10 Jun 2019 11:57:58 +0000 https://www.fjg.co.uk/?p=14599 The Grenfell Tower public inquiry opened on 14 September 2017 and was led...

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The Grenfell Tower public inquiry opened on 14 September 2017 and was led by retired judge Sir Martin Moore-Bick. The public inquiry’s terms of reference were published in August 2017. They include details of investigating the adequacy of Building Regulations, together with other legislation and guidance; as well as industry practice relating to high-rise residential buildings.

An independent review of building regulations and fire safety following the Grenfell Tower disaster was announced in July 2017; and was led by Dame Judith Hackitt. The independent review was separate from the public inquiry, but co-operated with it. The purpose of the review was to make recommendations that will ensure a sufficiently robust regulatory system for the future. Following publication of that review’s final report in May 2018, the government is now consulting on suggestions within the review for reform of the building safety regime for multi-occupied high-rise residential buildings of 18 metres or more in height (approximately six stories).

Key features of the independent review include:

  • Creating five dutyholder roles responsible for the safety of a building and compliance with Building Regulations during design and construction (client, principal designer, principal contractor, designer and contractor), together with the concept of an “accountable person” who looks after higher risk buildings once they are occupied. The dutyholder roles align with those in the Construction (Design and Management) Regulations 2015 (SI 2015/51) (CDM 2015) and will be required to show that they are managing risks at new “gateway points” before they can continue with the different stages of the building process.
  • Measures to empower residents by giving them the right to information as well as an avenue for raising concerns.
  • The creation of a new building safety regulator to ensure compliance and building safety in England; together with a range of sanctions and enforcement powers. This includes new criminal sanctions and increasing the time a local authority has to serve enforcement notices.

The government also suggests giving private individuals the right to claim damages where they suffer harm because work on a building has not met Building Regulations standards (this would be done by bringing into force section 38 of the Building Act 1984, which is not operative to date).

Consultation

The consultation ends on 31 July 2019 and runs parallel with a call for evidence on related changes to the Regulatory Reform (Fire Safety) Order 2005 (SI 2005/1541).

Source: Practical Law Company: Gov.uk, Building a safer future: proposals for reform of the building safety regulatory system (6 June 2019) and The Regulatory Reform (Fire Safety) Order 2005: call for evidence (6 June 2019).

Here at Fisher Jones Greenwood LLP we have an experienced team of expert solicitors who are able to advise and assist you on all legal matters – contact Fisher Jones Greenwood by calling 01206 700113 or email contact@fjg.co.uk

 


 

Read more blog articles by Ellen Petersen…

The future of the High Street…

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Why do Parents need a Will? https://www.fjg.co.uk/blog/2019/06/10/why-do-parents-need-a-will https://www.fjg.co.uk/blog/2019/06/10/why-do-parents-need-a-will#respond Mon, 10 Jun 2019 11:50:36 +0000 https://www.fjg.co.uk/?p=14595 In England, Northern Ireland and Wales, a Child is someone who has not...

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In England, Northern Ireland and Wales, a Child is someone who has not yet reached their 18th Birthday. Once a child turns 18 they are legally an adult. The UK population is projected to continue growing, reaching over 72 million by the year 2039. When starting out in family life, a Will might be the last thing on your mind as you live your busy new life as a parent, but it is part of your responsibility to your children?

Do I need to make a Will to protect my children who are under 18?

  • If you die in either England or Wales without a valid Will and you have children under the age 18, others which could include the Local Authority or the Courts can make decisions about who will take care of your children, managing their Education and Finances.
  • If you are not married to your partner or civil partner they will not automatically inherit.
  • Any step-children or foster children will not inherit anything.
  • A Godparent has no legal rights. If you wish the godparents to look after your children, you must name them as guardians in your Will.
  • If you make a Will, this would allow you to name people you and your children trust to look after them if you die. You should think carefully about who you would appoint as a Guardian.
  • Most people appoint more than one Guardian, or at least appoint a substitute Guardian in case the first is unwilling or unable to take the role on. You would need to discuss this with the people you choose before naming and appointing them within your Will.
  • If you have step-children, they will not automatically inherit from your Estate unless you specifically include them in your Will. You will therefore need to consider making arrangements in your Will to meet their financial needs.
  • You would need to consider the age of inheritance for your child(ren). They would automatically receive their inheritance at the age of 18.
  • If you die before the age your children can inherit, their assets will need to be held in Trust. You would need to think carefully about the best person to safeguard your child(ren)’s assets.
  • Guardianship automatically ends when your child(ren) reach the age of 18.

If Fisher Jones Greenwood can assist you in the preparation of your Will, then please contact us on 01206 700113 or email contact@fjg.co.uk in order to arrange a mutually convenient appointment.

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Securing rights to future payments after the sale of land… https://www.fjg.co.uk/blog/2019/06/07/securing-rights-to-future-payments-after-the-sale-of-land https://www.fjg.co.uk/blog/2019/06/07/securing-rights-to-future-payments-after-the-sale-of-land#respond Fri, 07 Jun 2019 11:15:10 +0000 https://www.fjg.co.uk/?p=14513 Several projects that the commercial property team has been working on recently, have...

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Several projects that the commercial property team has been working on recently, have discussed the use of a “ransom strip” in connection with the sale of land. Ransom strips are not a new development. Retention of a ransom strip has become (anecdotally at least), a favoured way to secure further consideration for land (a kind of overage payment). This is especially the case where further development of the land may be envisaged.

Before going in to too much detail, it is worth exploring the significance and applicability of retaining a ransom strip; for example in the sale of development land. It is also worth looking at the alternatives, if only to consider all options, before ruling anything out. The important point to note is that the retention of a ransom strip acts to secure the payment to a seller of an additional sum; this will be at some future date for the release of a covenant, or the sale of the ransom strip.

What is the meaning of a Ransom Strip?

In a transaction involving a sale off, the seller retains ownership of a strip of land adjacent to, or across, the land being sold. This could prevent the buyer from developing the land. For example, if the development would require access over the ransom strip to the public highway, the buyer will not be able to proceed unless the seller sells the ransom strip; or grants a right of way over it, for the purposes of the development in return for payment.

However, the High Court has held that the value in the ransom strip was determined by the price that could be obtained from the person with the special interest in buying the strip; that is, the owner of the ransomed land. This was substantially less than the 33% to 50% share of the ransomed land’s development value; which is what the owner of the ransom strip wanted.

Clearly, there are advantages in retaining a ransom strip in that it may be an effective tool to prevent development. One hazard with a ransom strip is that the buyer might be able to negotiate access over neighbouring land; which would render the ransom strip worthless. Its existence may also have an effect on the property’s market value; as well as the amount that the seller realises on the actual sale to the buyer. It may also cause difficulties for the buyer in raising finance on the property.

As an alternative to a Ransom Strip, the seller might instead:

  • Opt to retain certain rights over the land which has been sold in favour of the seller’s retained land; this would also prevent development of the property unless they are released. The buyer would then have to make an additional payment to the seller in order to develop the land.
  • Agree an overage provision. This is where the buyer enters into an agreement with the seller to make a further payment; if an event (such as the grant or implementation of planning permission for development) should occur in the future in relation to the land.
  • Agree a restrictive covenant. This is where the buyer covenants with the seller that it will not build on the land; or use it for particular activities. The land can then only be redeveloped or used for the prohibited activity if the covenant is released. In return for entering into a deed of release of the covenant, the seller can demand a payment. A covenant can be released once payment has been made. This method can only be successful where the seller retains land that must genuinely benefit from the restrictive covenant.

All the above methods can be time-consuming and tricky to agree and draft. The method used often depends upon whether the land in question is “ripe” for development. Prospects for development are important in deciding how to bind the land in question. A good surveyor and planning consultant will be important in deciding how best to maximise potential in land.

Fisher Jones Greenwood have Commercial Property and Planning experts who can help you with the scenarios discussed in this blog, please contact us on 01206 700113 or email contact@fjg.co.uk

 


 

Read other articles by Ellen Petersen:

Residents oppose planning application for quarry use, citing huge risk to water supply

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Defibrillator Training Sessions at FJG https://www.fjg.co.uk/blog/2019/06/04/defibrillator-training https://www.fjg.co.uk/blog/2019/06/04/defibrillator-training#respond Tue, 04 Jun 2019 06:00:26 +0000 https://www.fjg.co.uk/?p=13881 We are offering free life-saving defibrillator training at our office in Charter Court...

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We are offering free life-saving defibrillator training at our office in Charter Court on the Colchester Business Park. Our aim is to increase the public’s awareness of the equipment available outside their Colchester premises, as well as impart knowledge on how to use the life-saving apparatus properly.

The session will include:

  • Recognising a Heart Attack;
  • The Chain of Survival;
  • Administering CPR; as well as,
  • Using a Defibrillator (AED).

These sessions will include either a healthy breakfast, or lunch, depending on the time of the event.

Sessions are running Tuesday 4th June (7.30am), Tuesday 11th June (7.30am), Tuesday 18th June (12.30pm), as well as Tuesday 25th June (12.30pm).

Booking is essential.

Click here to book: https://www.eventbrite.co.uk/e/defibrillator-training-sessions-at-fjg-tickets-61227146042

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Why Does Domicile Matter in Probate? https://www.fjg.co.uk/blog/2019/05/23/why-does-domicile-matter-in-probate https://www.fjg.co.uk/blog/2019/05/23/why-does-domicile-matter-in-probate#respond Thu, 23 May 2019 15:11:08 +0000 https://www.fjg.co.uk/?p=14300 Domicile Matter in Probate Domicile means the country you consider to be your...

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Domicile Matter in Probate

Domicile means the country you consider to be your permanent home. This might be different from your country of origin, or even the country in which you are living. In Probate, Domicile can have an impact on whether or not Inheritance Tax is payable to HM Revenue & Customs after death.

Estate Administration

When someone dies the administration of their Estate needs to establish all assets the deceased person owned prior to death; no matter where those assets are situated in the world. It is also necessary to consider the Inheritance Tax implications of owning foreign assets; and of course whether Inheritance Tax is payable on those foreign assets. The Executor or Administrator of the Estate will need to think about the deceased person’s ‘domicile’.

Domicile describes the country a person treats as their permanent home, or lives in and has a substantial connection with. A domicile can even be somewhere a person intends to return to, if they currently reside elsewhere. Domicile is different to residence. Residence is where someone lives, whereas domicile is where someone lives and/or intends to remain. If someone spends lots of time in Spain, but considers England as their main home, then England is their domicile. Another example of a domicile is if someone relocates to Australia, and has no intention of returning to the UK; then their domicile will be Australia.

Inheritance Tax

Whether or not Inheritance Tax is paid depends on whether a person is domiciled or ‘deemed domiciled’ in the UK. Deemed domiciled means that if a person is not domiciled in the UK, HM Revenue & Customs will generally still treat a person as being domiciled in the UK if certain conditions are satisfied.

More and more Britons buying second homes abroad or relocating to warmer climes. It is becoming increasingly common to live in one country, in addition to having assets or property in another.

If a deceased person was domiciled in the UK, Inheritance Tax is paid on all worldwide assets; including property, bank accounts and investments. If the deceased was domiciled outside the UK, then Inheritance Tax is only paid on assets held in the UK.

When someone domiciled outside the UK dies leaving assets in the UK, then a Grant of Probate must be taken out in England to deal with those English assets.

If Fisher Jones Greenwood can assist you in establishing where the deceased was domiciled or assist as to whether Inheritance Tax is payable, please contact us by calling 01206 700113 or email contact@fjg.co.uk to arrange a mutually convenient appointment.

 

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What is a management buy-out? https://www.fjg.co.uk/blog/2019/05/23/what-is-a-management-buy-out https://www.fjg.co.uk/blog/2019/05/23/what-is-a-management-buy-out#respond Thu, 23 May 2019 15:00:37 +0000 https://www.fjg.co.uk/?p=14295 Are you a part of the management team or management board of a...

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Are you a part of the management team or management board of a company? If you’re a director, and wish to become a shareholder in addition to your directorship, there are a few ways to achieve this. One way may be a management buy-out; this is where the owners of the company are selling its entire issued share capital (i.e. share sale). This blog sets out a brief overview of a management buy-out.

(N.B. The alternatives to a management buy-out are a management buy-in; or a combination of the two (known as a buy-in management buy-out). However, these topics will not be addressed in this blog).

Overview

A management buy-out takes place where the existing management of a company or business (i.e. usually its board of directors or part of them) acquire the company (being all of its issued share capital) or business (including part of the business on an asset-transfer basis) being sold from its existing owners.

The parties involved in a management buy-out would naturally be the management team of the company being sold. Which are more often than not, its board of directors or part of them, (the management team), the current owners of the company (sellers), the company being sold (target), and often a private equity fund, a bank and either one or two new shelf companies, used as acquisition vehicles.

The management team would normally invest their own capital to acquire the target. If the capital raised isn’t enough to cover the full purchase price, it’s likely that a private equity fund, or bank, will be involved in the transaction. This would be purely from a funding and security perspective.

For more information in relation to what a private equity fund is, please refer to our previous blog available at: https://www.fjg.co.uk/blog/2019/05/21/what-is-a-private-equity-fund

The private equity fund (if involved) and management team (directors) will invest money in the company by acquiring the target; through either its shares or part of its business by asset transfer. Meaning that they will have a respective shareholding in the target post-completion or own the business/part of the business purchased. It’s important to note that investments by private funds are likely to be greater than investments from the management team. This is normally the case in larger corporations where the management team cannot fund the full purchase.

A bank would normally be involved to cover any ‘gap’ in the purchase price. This happens when the management team and the private equity fund’s combined contributions weren’t enough to cover the purchase price. The bank will therefore invest money in the company, often by way of a loan. It will also most likely require securities and guarantees to secure such loan.

Benefits

The benefits of a management buy-out include, but are not limited to:

  • Incentives to the management team. A management buy-out usually offers a mechanism whereby the management’s team proportion of the equity on an exit will be adjusted according to the actual success of the bough-out business and its value at the exit.
  • Growth. Following the incentives set out above, the management team’s objective will be to ensure the company is performing well and growing as they are now more heavily involved and indeed, dependent on the success of the company/business.
  • Sustainability. As the company is being taken over by its current management team, there is likely to be a smooth transition and continuity of the business to allow for seamless operational succession.
  • Usually a sensible option for banks and investment funds; and
  • Tax reliefs- B. An accountant will be best placed to advise you in relation to any tax reliefs/liabilities applicable on a management buy-out.

The Corporate Commercial Department here at Fisher Jones Greenwood LLP can guide you through management buy-outs, management buy-ins or a combination of the two; as well as assist you with the preparation of any documentation required.

Should you require any further information or assistance please do not hesitate to contact us by calling 01206 700113 or email contact@fjg.co.uk.

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