Search button

Need Advice? Call us now on:

0845 050 1958

or

Request a Call Back
Business Sales Asset Farleys Solicitors LLP

Business/Asset Sale & Purchase

Business/Asset Sale & Purchase

Buying or selling a business by the purchase or sales of its assets can be a detailed and complicated transaction. At Farleys we are able to guide you through every stage of the sale/purchase: from negotiating and drafting heads of terms, carrying out legal due diligence, negotiating and drafting the key transaction documents and ensuring that the acquisition is completed successfully.

When someone acquires a business by way of an asset purchase rather than a share purchase, they only acquire the assets and liabilities which the buyer and seller agree will be transferred. Despite that, the employment contracts of the employees of the target company will automatically transfer to the buyer under the ‘TUPE’ Regulations. There are a number of requirements set out by these Regulations and our business solicitors at Farleys can guide you through the compliance procedures.

Asset Purchase Agreement

It is important to ensure that an extensive agreement, known as an asset purchase agreement, is drawn up between the buyer and seller which should set out clearly all the terms of the purchase, including:

  • Which assets are to be purchased;
  • The purchase price;
  • How the purchase price is to be paid and whether any part of that will be deferred;
  • Any warranties to be given by the seller;
  • Limitations on the seller’s potential liability for breach of those warranties;
  • The obligations of each of the parties before and after completion;
  • How income and outgoings before and after completion will be apportioned between the parties;
  • How defective products and services which only come to light after completion will be dealt with;
  •  What happens to outstanding debts still owing to the business at completion;
  • The transfer of the employees under TUPE;
  •  Any restrictions on the seller from competing with the business after the sale has completed.

Why Contact Farleys Business Solicitors?

Each business sale is different and it is therefore essential to ensure that you obtain comprehensive legal and accounting advice. Due to our experience handling business transactions and maintaining contact with companies of all sizes on a daily basis, our solicitors can provide practical business advice at every stage of the transaction to ensure that it is progressed efficiently and effectively from start to finish. We pride ourselves in taking a client focused approach; we will always make sure you fully understand anything you are being asked to sign and will strive to complete the transaction within your desired timescales and in a cost effective manner.

Contact Us

If you require advice on business/ asset acquisition or disposal, contact one of our experienced business solicitors on 0333 331 4830 or email us today.

Related Articles

Company restructuring Farleys Solicitors LLP

UK Merger and Acquisition Deals Value at Decade High

Despite the uncertainty of Brexit, the rate at which UK businesses have continued to complete mergers and acquisitions was at record levels ...

Read More
Debbie King Partner
Desk with laptop and papers

GDPR and DPA 2018 – Selling a Business and its Database

The sale of almost all businesses will include the sale of its database, and a database is often a key asset within any acquisition, for exa...

Read More
Jenny Goodwin Solicitor
Business Sales Asset Farleys Solicitors LLP

What Are the Key Differences Between an Asset Purchase and a Share Purchase?

When buying a limited company, you can either buy the assets or the shares of the company. The reality is that the decision will often be le...

Read More
Charlotte Mills Associate Partner

Get in touch

Request a Call Back

Call us now on:

0845 050 1958