Selling business

Selling business

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A client has sold his business on lease to another company which will take over in November.

There are a number of existing staff, some salaried and some zero contracts.

The new company does not want to take on all of the existing staff just a small few.

How best to handle this given that none of them have been employed for more than a year?

Do we make them redundant or just say the business is closing on 31st October and basically no job after that date?

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By johngroganjga
24th Sep 2015 12:31

TUPE

Google the above and you will find out all you need to know.

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By Ethan1234
04th Jan 2016 11:51

Hi,

How long is the lease? I believe that the new owners will have to go through the standard redundancy process, if the employees are on a permanent basis and passed their probation.

It might also be good for your self to speak to a business broker or M&A consultant, they come across situations lie this all the time, try contacting:-

Avondal, Bernard Baxter Business Brokers or Hornblower business brokers. They should be able to provide you further information.

Many Thanks,

Ethan

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