The People Behind the Business

In its 120 years in Wandsworth, local law firm Hanne & Co has seen it all… including two world wars! While not of the same order, Brexit has certainly been a rollercoaster ride.

Whether you voted “in” or “out” on June 23 2016, the resultant period of uncertainty – will Britain actually leave or won’t it, and, if so, under what terms? – has led to the brakes being applied to company investment. James Collier and Alex O’Leary, key members of Hanne & Co’s employment and commercial/ corporate teams, detect a change in the air. “Definitely, the last few years have been tough for businesses in the area – big and small,” says Alex. “But I think it has been hardest on the smaller firms. Hopefully a ‘Brexit bounce’ is beginning to take hold. Since the New Year I have seen a very healthy increase in enquiries from local business owners either wishing to sell their business or expand through acquisition.”

Brexit bounce

The Brexit bounce appears to be taking hold and this can only be good for business, say James Collier and Alex O’Leary of law firm Hanne & Co…

James comments on the possible positive and negative effects this emergence from the shadow of Brexit may have on his area of law – employment.

“Over the last few years, firms have been treading water and have held off on key decisions such as investment and the related issue of engaging new staff,” he says. “This has retarded the natural business evolutionary cycle where microbusinesses become small firms, small firms become medium-sized firms and so on. Now this process is starting to happen again and as they develop to the next level of maturity companies are once again looking to engage new staff and review their HR policies, handbooks and internal procedures to ensure they are fit for purpose and do not expose them to expensive employment claims.” Alex reflects that, especially at this moment of change, whether it is taking your company to the next level or indeed buying or selling a business, it remains essential to get appropriate legal advice. “The process of buying or selling a business, even a small business, can be quite involved. For example, one of the most important details is the purchase price and the payment method and structure. Will it be cash? Deferred consideration? Earn-out? All parties are advised to have a lawyer work on an agreement that ensures everyone gets what they thought they had agreed.”

James adds: “Brexit may well speed up the pace of change in employment law, which will directly affect UK employers, and it is in the best interests of all firms, big or small, to make sure their HR and employment law practice is robust and lawful. With funds now being freed up by companies it makes sense to do a little bit of internal ‘stock taking’.”

Whether you support Brexit or not, it looks like the UK is finally coming out of its enforced stall, which can only be a good thing for Wandsworth’s local businesses.

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Serving Wandsworth, Battersea and Southwest London since 1890

The Candle Factory  112 York Road  Battersea  SW11 3RS 020 7326 9440 enquiries@hanne.co.uk  www.hanne.co.uk