UK

START THE NEW TAX YEAR WITH BETTER DEBT RECOVERY PROCESSES

The new tax year began on 6th April 2022, and while you may not have made any ‘new year, new you’ promises, perhaps it could be time to sort out your business finances. It can be easy to let things slip – a late invoice, a missed payment and even an unpaying customer or client. However, when all of these add up, it can have a catastrophic effect on your cash flow and the longevity of your business. We look at simple steps you can take to improve your debt recovery processes. Read more…

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WHAT’S NEXT IN DIVERSITY AND INCLUSION? A MOVE TOWARDS ‘INCLUSIVE BRITAIN.’

Following the events of 2020 and in light of the hugely notable Black Lives Matter movement the UK Government recognised that action ought to be taken to address some significant disparities and injustices within the United Kingdom.  While the Government stated that they felt that there had been many advances in addressing these it was noted that more could be done.  With that in mind, the Commission on Race and Ethnic Disparities (the Commission) was formed with the goal of looking at ways to resolve racial and ethnic inequality within the United Kingdom.

In March 2021 the Commission produced a report setting out a not less than 24 recommendations for creating a greater level of equality within the United Kingdom.  This month, the Government produced their response to that report titled ‘Inclusive Britain.’ Read more…

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M&A TREND TRACKER: SECOND EDITION

We are delighted to publish the second edition of our M&A trend tracker.

This publication analyses data from a sample of 20 M&A transactions on which Fladgate advised during 2018 and 2021, i.e. in the period before and after the Covid pandemic.

Our analysis highlights how some deal terms have remained consistent, whereas other terms have evolved pre- and post-pandemic. The analysis gives rise to some interesting conclusions, including that it is often taking less time to close transactions; and that family offices and international buyers are becoming a more prominent fixture in the UK M&A market.

This publication will be of interest to anyone engaged in or considering M&A activity, including funds, HNWs, entrepreneurs and corporates; as well as intermediaries including corporate finance advisers and reporting accountants.

To access the tracker, please click here.

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THE ‘HOT’ TOPIC- ENERGY EFFICIENCY AND ITS GROWING IMPORTANCE IN THE COMMERCIAL PROPERTY SECTOR

The sharp rise in energy costs has undoubtedly been one the major talking points of 2022 so far. The hike in prices has not only been felt by home-owners, but also by commercial property proprietors and tenants alike. With no sign of energy prices falling, the energy efficiency of commercial buildings is becoming an increasingly important consideration when buying, selling or leasing.

WHAT IS AN ENERGY PERFORMANCE CERTIFICATE (EPC) AND WHEN IS IT REQUIRED?

An Energy Performance Certificate (EPC) measures the energy efficiency of a building. These certificates are produced by recognised Energy Assessors and are valid for a period of 10 years. EPCs must be produced when a property is intended to be made available for sale or let, subject to a limited number of exceptions outlined in Regulation 4 of the Energy Performance of Building (Scotland) Regulations 2008: Read more…

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RETURNING TO COURT

On 18 March 2022 we received an interlocutor in our office which advised that a hearing had been converted to “in person”. Simultaneously, our colleagues in our licensing team had started on-site meetings. This we took to be a sure sign that lockdown was ending and, as our thoughts turned to returning to court and on-site meetings, they also turned to some more practical aspects of what might be involved.

Look out your “court shoes”. Rather than the traditional sense of the word, these are divided into 2 categories, being the “flatties” in which you rush to court and “the high heels” you wear once there. One of our partners really does have 40 pairs of shoes under her desk for going to court. For on-site visits, a stylish wedge looked great with a trouser suit but reportedly failed miserably for the dash to Haymarket Station. Read more…

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TIPPING LEGISLATION

Over the past two years, the UK Government has introduced various measures to protect workers’ rights. These include the introduction of parental bereavement leave, raising the national minimum wage and, of course, the “furlough” scheme brought on as a result of the pandemic. Much of these measures have naturally had a strong impact on those working in the licensed trade, and the hospitality sector as a whole.

In February 2022, the UK Government announced that it would be continuing its plans to reform the laws on tipping. In short, the new proposals will make it unlawful for employers to withhold or seize tips earned by their workers. While tips paid in cash are already protected, this legislation intends to cover the grey area surrounding tips paid by card. Read more…

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SETTLEMENT AGREEMENTS – THE BASICS

Settlement Agreements are used in order to end an employment relationship on agreed terms. It is a legally binding document and can also be used to resolve ongoing workplace disputes. As a result of signing the agreement, the employee will be unable to make claims in the employment tribunal about any type of claim which is mentioned in the agreement. It can be a useful tool to use, on the back of instigating a “without prejudice” or “protected” conversation. It is not uncommon for Settlement Agreements to be proposed before the end of a financial year, it is therefore important for both employees and employers to understand the law on them and their application. Read more…

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COMMERCIAL EVICTION: NON-PAYMENT OF RENT

The Coronavirus pandemic has had a wide ranging impact in ways that could not have been predicted when the first cases of the virus emerged at the end of 2019. One such change has been the law in relation to commercial evictions for non-payment of rent.

Prior to the pandemic, if a commercial landlord wished to evict a tenant due to a monetary breach, a pre-irritancy notice had to be served which started a 14-day period in which the tenant had two weeks to remedy the breach (i.e. pay the arrears) or face eviction proceedings. As part of the Scottish Government’s initial statutory response to the then developing crisis, The Coronavirus (Scotland) Act 2020 (Schedule 7), amended this timescale and increased it to a period of 14-weeks’ notice. Read more…

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COP, CARBON & COMMERCIAL PROPERTY

As quickly as COP26 arrived in Glasgow, all traces of the Conference seem to have disappeared. Only time will tell whether a tangible impact is felt in its wake from a global climate perspective. What’s clearer is that the agreements reached in Glasgow, coupled with emerging domestic environmental policies and legislation, are going to have a notable impact on the commercial property sector as we move towards a ‘net-zero’ carbon future. Read more…

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REAL ESTATE AND THE CARBON CHALLENGE: OPERATIONAL V EMBODIED CARBON

Last month Glasgow hosted COP26, where leaders from all around the world gathered to take decisive action to tackle the climate crisis. This conference forced all sectors to examine their actions and consider how these affect our environment.

Recent figures have revealed that the Real Estate Sector is responsible for 38% of global carbon emissions and consumes around 40% of the world’s energy. Such striking figures highlight the pressing need for developers, businesses, and all those involved in the real estate sector to take drastic steps to make real and lasting positive change. Read more…

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