For advisory firms looking to acquire or sell, the staff to be transferred are both the biggest asset and liability. Nicola Brittain asks Richard Neary, partner at law firm Foot Anstey, how buyer and seller can protect themselves.
There has been a steady stream of acquisitions in the advisory market during recent months, with perhaps the biggest just two weeks ago when Intrinsic acquired Aegon’s Positive Solutions. One of the biggest issues for companies considering a buy or sale (especially in the context of business sales) is how to smoothly manage the transfer of staff. So, how can both parties ensure they limit their exposure to potential problems in this field? Any business sale (as opposed to share purchases) will trigger a Transfer of Undertakings (Protection of Employment) (TUPE) and, under this act of ...
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