Supermarket price war hits SME food suppliers hardest as profit margins fall
The supermarket price war is hitting small food manufacturers hardest, with new research from EMW, the commercial law firm, showing that the gap between the profit margins of SME food suppliers and their bigger competitors is widening. Read more
Modern Slavery Act 2015: Guidance published on disclosure statement content
The government has published guidance on how it expects organisations to develop a “credible and accurate slavery and human trafficking statement” (a “Disclosure Statement”) each year, which organisations are now (as of October 2015) required to do under the Modern Slavery Act 2015 (the “Act”). Read more
40% rise in property conversions to meet demand for homes
Conversions of offices, retail shops, and agricultural properties into homes jumped 40% from 982 to 1,355 in England in the second quarter of 2015 compared to the same quarter a year ago. Read more
EMW advises on the Sale of Automated Technology Group Holdings Limited to Wood Group
EMW has advised the shareholders of Automated Technology Group Holdings Limited on the sale of the company to Wood Group. Read more
Recruiters still facing two month wait for payment from customers
Recruitment firms have to wait an average of 56 days to be paid by their clients, more than twice as long as the average UK business, says commercial law firm EMW. Read more
Sale of Northamptonshire pharma company DB Ashbourne to French multinational
Our team at EMW have advised serial pharmaceutical entrepreneur Dr Dallas Burston on the sale of Northamptonshire pharmaceutical group DB Ashbourne, to Ethypharm, the French pharmaceutical multinational. Read more
Data Protection Update
The European Court of Justice recently ruled that US Safe Harbour provisions are invalid with immediate effect. Read more
Hopeful signs for property investors as fall in bank lending slows
Lending to the property sector is showing signs of recovery as the long-term decline in bank finance begins to slow. Read more
Corporate deals - What we've been doing
We have had a fantastic first financial quarter of 2015 maintaining our proven track record and successfully completing a number of transactions. Our continued investment in the Team ensures we are able to offer our clients an exceptional service and we look forward to it expanding further when two assistant solicitors join us in September. Read more
Redundancy payments fall to lowest point since recession as cost-cutting slows
The amount paid out by businesses in redundancy payments has fallen to the lowest level since the recession, dropping to £3.5bn last year*, down 10% from £3.9bn in 2013/14, says EMW, the commercial law firm. Read more
Applications to build new retail space continue to fall despite recovery
The number of applications to build new retail space has fallen for a sixth year in a row, reveals research by EMW, the commercial law firm. Read more
UK Commercial property deals at highest level since credit crunch as high yields attract investors
The number of UK commercial property transactions has reached its highest level since the credit crunch, with 115,400 transactions in the last year, a 6% jump from 108,500 in 2013/14, says EMW, the commercial law firm. Read more
Two recruitment deals completed in as many months
EMW’s recruitment sector team advises on the merger between Axon Resourcing and Watson Moore. Read more
EMW advises on the sale of Smart Moves Recruitment to Antal International
EMW has advised the shareholders of Smart Moves Recruitment Limited on the sale of their recruitment business to Antal International Limited. Read more
Retail to residential property conversions on the rise as rent on flats outstrips shops
303 retail properties were approved for conversion to residential use in the final three quarters of 2014 alone, as the trend for office to residential conversions spreads to retail units, reports EMW. Read more
Number of renewable energy patents filed worldwide falls 42% in three years as “green” innovation stalls
The number of patents for renewable energy products and systems filed worldwide has fallen by 42% in the last three years, suggesting that global investment and innovation in “green” energy is stalling, says EMW. Read more
Beware - Companies House targeted in an email scam
We are aware that fraudsters have been targeting companies with documents purporting to be from the “Central Register of Companies”. These documents ask clients to visit a website and pay money for the “publication” of their company and warn that lack of payment will result in the company being removed from the Register. Read more
Three new Principals for EMW in 2015 promotions round
EMW is delighted to announce the promotions of three new Principals – Caroline Hayward and Robin Creek in the Real Estate team, and Gurpreet Sanghera in the Corporate team. Read more
Changes to Company Legislation
New company law proposals aimed at improving and simplifying company filing requirements, increasing transparency around who controls companies and strengthening the directors’ disqualification regime are currently before Parliament. The Bill is expected to become law in spring 2015, but will come into force in various stages. Read more
EMW advises Faccenda Foods on its acquisition of duck processing business, Cherry Valley Foods
Following the exchange of a deal at the end of 2014, Faccenda Foods has now successfully completed its acquisition of Cherry Valley Foods. An EMW team, led by Gurpreet Sanghera, has advised Faccenda Foods on its acquisition of Cherry Valley Foods from its parent company. Read more
New parents taking shorter maternity & paternity leave as pressure on real wages mounts
- Fathers received an average of just £215 in paternity pay last year
- New Shared Parental Leave law to bring new pressures for employers
The amount of time taken for parental leave by new mothers and fathers has fallen in the past year as pressure on wages makes some parents see time off after the birth of a child as a luxury, reveals research from EMW, the commercial law firm. Read more
EMW complete the sale of a merchant supplies business, Rudridge Limited, to a household name, Travis Perkins Plc
A team at EMW, led by Chairman Ian Morris, has advised the shareholders on the sale of a specialist merchant supplies business, Rudridge Limited to Travis Perkins Plc. Read more
A new regime – Company names and trading disclosures
In 2011 the government launched the Red Tape Challenge (an initiative intended to simplify the UK regulatory framework) and in 2012 focussed this challenge on company law, with the intention of reducing the administrative burden on businesses while also consolidating the existing rules relating to company and LLP names and trading disclosures into two new sets of regulations revoking the existing regulations. Read more
Snow – can I take the day off to go sledging? Employment law
With areas of Britain forecast to be blanketed by up to 4 inches of snow from tomorrow, Louise Holder, Principal at commercial law firm EMW, has advice for both employers and employees who are unsure of their legal rights and responsibilities when hit by adverse weather conditions. Read more
Healthcare providers facing CQC inspection ‘lottery’
UK healthcare providers are facing a lottery over inspections by their regulator, the Care Quality Commission (CQC), with huge variations in enforcement decisions by different inspectors, says EMW, the commercial law firm. Read more
EMW advises on sale of local business to NASDAQ listed group, Multi-Color Corporation
A team at EMW, led by Chairman Ian Morris, has advised the shareholders on the sale of Daventry based Multi Labels Limited to MCC Scotland Holdings Limited, a group company of Multi-Color Corporation. Read more
EMW advises on disposal and roll-over in the UK logistics development sector
EMW has advised the shareholders of Barwood Developments on the sale of 60% of the company to Delancey, creating a UK industrial and logistics development joint venture to be called db symmetry. Read more
EMW advises on international sale of locally headquartered software business, Kinetic Solutions.
EMW has advised the shareholders on the sale of Cranfield headquartered software business Kinetic Solutions to the Toronto Stock Exchange listed group, Constellation Software. Read more
EMW advises Cosgrave Property on €600m refinancing deal
EMW has advised Irish property development group Cosgrave Property Group on its €600 million debt refinancing and corporate restructuring. Read more
EMW advises international sale of locally headquartered global business, Routeco
A team of 5 at EMW, led by Chairman Ian Morris and Principal Simon Arkell, has advised the management team shareholders of Milton Keynes headquartered Routeco Group Holdings Limited (Routeco), the largest distributor of industrial automation and control products in the UK, on the sale of the business to Sonepar SA of France. Read more
Number of OFT anti-competitive behaviour complaints falls more than 50% in a year
The number of allegations of anti-competitive behaviour made to the competition watchdog has plummeted to less than half the level seen just a year ago, falling from 2,165 in 2012 to 975 in 2013, says EMW, the commercial law firm. Read more
Councils forcing property developers to down tools as planning breaches rise
More councils are forcing property developers to down tools as the construction recovery sparks growth in the number of planning control breaches, according to EMW, the commercial law firm. Read more
69% jump in number of businesses and individuals blowing the whistle on cartels in return for immunity in the last year
The number of businesses and individuals blowing the whistle on cartels in return for immunity from prosecution for their own involvement has jumped 69% in the last year, according to EMW, the commercial law firm. Read more
2014 has been another busy year for EMW’s Corporate Finance Team
The team has completed a number of impressive deals building on the success of the past few years and contributing to the growth of the firm. Read more
Total value of UK redundancy pay-outs start to fall as economy continues to recover
The value of redundancy pay-outs in the UK has reached its lowest level since before the credit crunch, after falling 10.4% from £4.8bn in 2012/13* to £4.3bn in 2013/14, according to EMW, the commercial law firm. Read more
EMW appoints James Geary to head its commercial contracts team
EMW, the commercial law firm, is delighted to announce the appointment of James Geary as Principal and head of its commercial contracts team. Read more
Businesses struggle with confidential data theft as cloud helps staff to steal
Businesses are struggling with record levels of data theft, with 166 cases involving the theft of confidential data reaching the High Court in the past year, says EMW, the commercial law firm. Read more
EMW Chairman takes on cycle challenge to help raise thousands for children’s charity
EMW Chairman Ian Morris recently took part in the Ride25 Cycle Challenge from Geneva to Milan to help raise money for street children in Uganda.
Every year Ride25 organises a number of cycle tours in support of the African children's charity, 1moreChild, which works with street children in Uganda to help them get an education.
Furthermore, for every person who takes part in the challenge, Ride25 also donates a bike to Africa through its corporate charity, Re-Cycle.
This year cyclists from across the UK, including Mr Morris, raised more than £100,000 just on the Geneva to Milan tour!
Ian added: "Whilst it was tough, we had a lot of fun. I am thrilled we have raised so much money in aid of a fantastic charity."
EMW is proud to be one of the official sponsors for the Ride25 Geneva to Milan Cycle Challenge.'
BIS Announces proposals to simplify company filing requirements
At the end of last year the Department for Business, Innovation and Skills (BIS) consulted on a package of deregulatory proposals aimed at improving and simplifying company filing requirements. In a separate but closely linked initiative BIS also sought views on measures designed to improve corporate transparency. Read more
EMW advises Xerxes Equity Limited on their 5th deal in 21 months
The EMW Corporate Finance team has advised Xerxes Equity Limited, the private investment vehicle which specialises in building products manufacturing, on its acquisition of Burgess Architectural Products Limited, based in Hinckley, Leicestershire. Read more
Housebuilding booms in the north as residential recovery spreads
Planning applications for housing have increased sharply in the north of England as the dramatic recovery in the residential property market spreads outside of London and the South East, says EMW, the commercial law firm. Read more
EMW wins award for recruitment programme
EMW, the commercial law firm, has had the quality of its recruitment programme recognised, winning the ‘Best Recruiter - Medium Regional Firm’ award at the 2014 LawCareers.Net Training & Recruitment Awards. Read more
LLP members can be ‘workers’ - Time for a review of your agreement?
Against a backdrop of conflicting decisions in the lower courts, the Supreme Court has now provided some much needed clarity on the status of members of a limited liability partnership (LLP) and has ruled that LLP members can be 'workers' under the Employment Rights Act 1996 and are accordingly entitled to the rights and protections afforded to workers. Read more
EMW appoints four new Principals in 2014 promotions round
• Firm promotes non-lawyer Principal to Revenue & Risk post
• Three promotions in Real Estate and Banking & Finance Teams
EMW, the commercial law firm, is delighted to announce the appointment of four new Principals, including non-lawyer Karen Voller, the firm’s Revenue & Risk Manager. Read more
Another busy year for the EMW Corporate finance team
During the financial year 2013 - 2014 the EMW Corporate Finance team helped clients deliver on over 65 deals with an aggregate enterprise value of over £1.01bn. The team has also worked on a number of group refinancing transactions as well as group restructures and reorganisations. Read more
Bank lending to property sector down 29% since financial crisis and still falling
• Funding from non-bank lenders increasingly filling the gap
Bank lending to the property sector is still falling, having dropped 29% since the financial crisis took hold, says EMW, the commercial law firm.
Figures* show that net lending by UK banks to property investment companies and developers fell to £175billion in February this year (the latest data available), down from £247 four years earlier in February 2010. Read more
EMW hosts Metrobank founder Vernon Hill at business seminar
Commercial law firm EMW recently hosted Vernon W. Hill III, founder and Chairman of Metro Bank, the UK's first new high street bank for over 100 years, for a seminar entitled 'How to create growth companies in a no growth world'.
Held at EMW's new London office at 90 Chancery Lane on March 19, the seminar included a 45-minute keynote address from Mr Hill, which told the story of founding Metro Bank, based on his philosophy of creating 'fans, not customers.'
Mr Hill founded Metro Bank in 2010, following an enormously successful career in banking in the United States. Read more
Energy Act - Are you ready?
Last night we hosted an emotive seminar in our new London office on the implications of the Energy Act 2011 on the property sector.
Delivering to a packed audience it was clear that the property sector has been slow to realise that they are potentially looking at unrecoverable costs, depressing effects on investment values and prohibitions on their ability to let or continuing to let their properties.
Our London Head of Real Estate, Nick Marshall, together with guest speakers from Hays Macintrye and Luis & Bell, educated the audience on the potential ramifications of not acting to mitigate against the effects of this legislation. If you would like to know more, please contact Nick.
EMW advises Borro on its $112 million refinancing with Victory Park Capital
EMW has advised Borro, the online asset lender and long-standing client of EMW, on its recent refinancing withChicago based Victory Park Capital.
The refinancing will provide Borro with the means to continue to grow its business in the UK and the US, which islikely to involve the establishment of offices outside of London and New York, where the business is currentlyco-headquartered.
The EMW team was co-ordinated by Jody Bingham and included Ian Mabbutt and Gurpreet Sanghera. Working alongside both setsof US counsel engaged by Borro, the EMW team ran the English law aspects of the refinancing and implemented thepre-transaction corporate restructure which was required by the incoming funder.
Only 2% of eligible fathers take additional paternity leave
- Economic situation means men cannot take loss of pay
- Job security placed over spending time with family
Only 2% of the 209,000 fathers eligible for additional statutory paternity leave took it in the last year* as fears over job security linger, says EMW, the commercial law firm.
EMW reveals that of the 209,000 fathers who took the two weeks of standard paternity leave only 4,000 took additional statutory paternity leave**. Men are entitled to up to 26 weeks of additional paternity leave but only if their partner returns to work before the end of their statutory maternity leave. Read more
EMW has advised Rcapital on its investment in instrumentation and monitoring specialist itmsoil
EMW has advised Rcapital, the London-based turnaround investor, on its investment in East Sussex based itmsoil, the instrumentation and monitoring specialist group.
The transaction will see Rcapital support the continued growth of itmsoil's business in the design, manufacture and installation of geotechnical and structural monitoring instruments for use around the world. Itmsoil has been involved in a number of major civil engineering, mining and railway projects including the New York City's $7.2bn tunnel link project and Crossrail, Europe's largest civil engineering project.
The EMW team was led by associate Jeremy Eden assisted by solicitor, Kim McKenzie and Associate, Jody Bingham. The team ran the investment and the acquisition process.
EMW advised on the purchase of a majority stake in the Jersey based Merchant Properties Unit Trust
EMW has advised Riverside Capital and Avignon Capital on the purchase of a majority stake in the Jersey based Merchant Properties Unit Trust. The Trust owns 99% of the Merchant Properties Limited Partnership, which holds long leasehold interests in 35 properties occupied by Travis Perkins worth in excess of £33m. Travis Perkins and Colliers have retained their stakes in the Jersey trust and the new owners look forward to developing this relationship over the coming months and years. An EMW team led by Gurpreet Sanghera ran the sale and purchase process as well as the replacement and updating of advisory and operators' arrangements. Read more
Planning application approvals reach highest level since 1999
The percentage of planning applications approved by local authorities is now at its highest point since 1999 says EMW, the commercial law firm.
The latest statistics*show an approval rate of 89% for all planning applications (commercial and residential) submitted to local authorities. This compares with an 83% approval rate for planning applications decided at the beginning of the financial crisis in Q2/Q3 2008. (See graph below)
EMW says that the Government's new National Planning Policy Framework which came into force in March 2012 may have helped push approvals even higher. The framework was designed to cut down on red tape and make it quicker and easier for developers to get a decision on their plans. Read more
Logjam of employment tribunal cases reaches new record level as number of outstanding claims tops 625,000
- Outstanding caseload almost 2.5 times higher than 5 years ago
- Introduction of fees and conciliation unlikely to have much impact
The logjam of outstanding cases in the employment tribunal system is now at critical level, as the number of claims lodged but as yet unheard tops 625,000 - a new record high, says EMW, the commercial law firm.
EMW says that the caseload of outstanding claims is now 10% higher than last year and almost 2.5 times higher than it was six years ago* at the start of the credit crunch. Read more
Status of members of LLPs
As readers of our "HMRC - Limited Liabilty Partnerships and Partnerships Review December 2013" article will be aware, HMRC is introducing new rules taking effect from 6 April 2014 which will change the presumption that all members of an LLP are treated as self - employed for tax purposes even if the terms upon which they are admitted as members of the LLP could be considered to be closer to an employment relationship.
The changes will ensure that any individual who works for an LLP on terms that are tantamount to employment will be treated as an employee for income and corporation tax purposes. Read more