Insights: May 2020

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Future Fund verdict: good for VC but not a panacea for startups

Jamie Hamilton, Graham Spitz, Anthony Shatz |

Applications for the UK Government’s hotly anticipated £250m Future Fund are open, following several weeks of speculation and lobbying since the publication of the term sheet in April. Applications for funding hit a reported £453m on the first day, prompting speculation that the capacity of the Fund – which is run by the British Business […]

Have you sold or bought on the basis of an earn-out? The present downturn might lead you to renegotiation but keep in mind the tax consequences…

Jonathan Riley |

An earn-out arrangement is one where all or part of the price for acquiring a business is based on the business’s future performance.  This part of the price is unascertained at the time of completion and is typically measured by the increase in one or more metrics over a period of time.  For example, the […]

Top Covid-19 tips for our real estate clients

Roy Perrott |

1.) Contracting out leases It is very important that landlords follow the correct procedure when contracting out a business tenancy under the Landlord and Tenant Act 1954.  Fail to get this right and the tenant might acquire security of tenure.  The tenant needs to be sent a “warning notice”, explaining that they are giving up […]

Takeover Panel refuses to allow Brigadier to lapse offer for Moss Bros Group during Covid-19 pandemic

Neil Vickers |

On 19 May the Takeover Panel refused permission for the owners of the Crew Clothing group to invoke certain conditions of their recommended £22 million cash offer for Moss Bros Group plc in order to lapse the bid.   The Panel ruled that Brigadier Acquisition Company Limited had not shown that the circumstances giving rise to […]

AGMs and The Corporate Insolvency and Governance Bill

Nigel Gordon |

Introduction On 20 May 2020, the Corporate Insolvency and Governance Bill (Bill) started its passage through Parliament, with the second reading expected to take place on 3 June 2020. The objective of the Bill is to help UK companies and similar entities to continue to trade during the current worldwide pandemic and to avoid insolvency. […]

The Corporate Insolvency and Governance Bill - our initial thoughts

Jeremy Whiteson |

On 20 May 2020 the Corporate Insolvency and Governance Bill was introduced to Parliament. This is a major piece of legislation (stretching to 229 pages) and will form a centrepiece of the Government’s response to the fallout of the Covid 19 pandemic for businesses. It will not be law until it has passed all stages […]

Statement of Changes

Sophie Spector |

At a time when urgent clarification is needed for those affected by COVID-19, on 14 May 2020 the Home Office took the unexpected step of releasing an unrelated Statement of Changes to the Immigration Rules. Immigration Associate Sophie Spector take a look at the changes – click here to read the full article  

Fladgate advises Zouk Capital on CIIF’s joint venture with Liberty Global

Graham Spitz, Tim Wright, Mike Tremeer, Neal Todd, Alex Haffner, Gemma Grunewald, Joshua Bennett, Ellie Green, Yulia Leyko |

Fladgate LLP has advised Zouk Capital, the manager of the UK Treasury’s Charging Infrastructure Investment Fund (CIIF), on CIIF’s joint venture with multinational telecommunications company Liberty Global (to be called Liberty Charge) which will roll out on-street residential electric vehicle charging points in the UK. CIIF is the dedicated fund established by the UK Government […]

The Code for Leasing Business Premises, 1st Edition, February 2020 (the Lease Code)

Fiona Smith |

In the current climate in which many occupiers may be looking to renegotiate the terms of their existing leases, the provisions of the new Lease Code may be helpful in highlighting key points to consider when approaching discussions with landlords. Background The new Lease Code was published by the RICS in February 2020.  It does […]

Covid- 19: Weapons in a Tenant’s Armoury

Kirsty Smith |

Much has been written about the effect of Covid-19 on the performance and enforcement of contracts. The Government has recognised that parties to some contracts may find it difficult or impossible to perform those contracts in accordance with agreed terms, as a result of the impact of the pandemic. Rent In the context of commercial […]

Covid-19 and Commercial Leases

Gavin Whitney |

No doubt as occupiers of commercial premises, the Covid-19 pandemic has caused numerous issues for you and your business but one of your biggest concerns is likely whether or not you can pay your rent.  The reason why this is a concern is principally due to the remedies that your landlord has if the rent […]

FCA asking courts for guidance on insurers' COVID-19 liability

Alexander Wildschütz, David Weare, Christian Charles, Ottilia Csoti, Nadia Osborne, Tim Reinhard, Alexander Sandwell |

The Financial Conduct Authority (FCA) has requested several insurers to clarify their position on COVID-19 related business claims before seeking guidance from the courts by way of declaratory judgment. The FCA aims to create authoritative case law in anticipation of a flood of disputes over policy wording and COVID -19 cover. This step will indeed […]