- Milton Keynes 01908 660966
- Northampton 01604 828282
We’re delighted that Jon Corbett has joined our Senior Management Team as Strategy Partner.
Jon is a highly experienced business leader with over 20 years at Director level within Barclays Bank, where he led teams across multiple segments and regions. His career has been defined by strategic leadership, delivering transformation programmes and driving performance through strong stakeholder relationships.
Jon also co-founded the Silverstone Technology Cluster, helping to promote business growth in the South-East Midlands region.
Since 2014, Jon has held a number of Non-Executive and advisory roles across both public and private sectors. His insight spans large corporates, SMEs and start-up.
Reflecting on the decision to join Franklins, Jon said:
“I am delighted to be working with Franklins at a key point as the firm develops and delivers their growth strategy. As I build my new portfolio career, it is critical that I am working with organisations whose values align with my own; I see that within the team here at Franklins. It is a hugely exciting opportunity for me to support the Senior Management Team within Franklins to achieve their strategic goals and ambitions. In addition, I am looking forward to the opportunity of working with the Firms’ clients in a similar way.”
Speaking about the decision to bring Jon on board, Andrea Smith, Equity Partner said:
“Franklins has established a solid foundation and built a strong reputation, with a team that is committed to providing outstanding client service. With Jon’s expertise now part of our leadership team, we are confident that our ambitious plans will gain momentum. His wealth of knowledge, skills, and strategic insight will be invaluable as we continue to grow and navigate the evolving legal landscape. We are thrilled to have him on board and look forward to the impact he will have on both our firm and our clients.”
Franklins Solicitors LLP is delighted to announce the promotion of William Jones and Rosanna Stimson to Associate Partners, effective from 1st April 2025. Both will join the Senior Management Team, further strengthening the firm’s leadership.
Scott Wright, Head of Residential Conveyancing at Franklins Solicitors LLP, commented:
“We are delighted to announce William Jones’ promotion to Associate Partner after four outstanding years post-qualification with Franklins Solicitors. Having trained with us and qualified in our Residential Conveyancing department, William has proven himself as a dedicated and skilled solicitor, providing exceptional service to our clients. His commitment, expertise, and ability to build strong relationships make him an invaluable asset to the firm. We look forward to his continued success as he takes on this new leadership role.”
Speaking about his promotion, William Jones said:
“Becoming a partner at Franklins is a dream come true, and something that means all the more given it is the firm that gave me an opportunity as a junior paralegal and has supported me throughout my career to this moment now. It is an extremely proud moment for me personally, and I am very excited for the future with Franklins.”
Rosanna Stimson, who has worked at Franklins Solicitors for over three and a half years as Marketing Manager, also celebrates her promotion. With a career in marketing spanning over 20 years, she now steps into the role of Associate Partner and Head of Marketing.
Andrea Smith, Head of Business Services at Franklins Solicitors LLP, said:
“We are thrilled to announce Rosanna Stimson’s promotion to Associate Partner and Head of Marketing at Franklins Solicitors LLP. Having directly worked with Rosanna on the firm’s marketing for the last three and a half years, she has consistently demonstrated vision and dedication in driving the firm’s marketing strategy. Her innovative approach and deep understanding of the legal landscape will be invaluable as the firm continues to grow and expand our reach. We are confident that she will continue to make significant contributions to the success of our firm and the service we provide to our clients.”
Speaking of her appointment, Rosanna Stimson said:
“I am delighted to have received this recognition by the Equity Partners and look forward to continuing to build on the success of the firm through our marketing strategy.”
Franklins Solicitors wishes both William and Rosanna every success in their new roles and looks forward to their continued contributions to the firm’s growth and development.
As a business, do you fully understand how your supplier contracts add or detract value from your business? You know that your suppliers are a critical part of your business but when do you know when they cease to remain so?
How often do you sit down and evaluate the value of your suppliers to ensure that relationship remains key to your success? Or is it easier to just stay with the same suppliers?
Here are some thought provokers in ensuring your get the most from your supplier relationship.
When did you last undertake a supplier review? Does your business still need their services or products? Do they meet your current and future needs? Prepare a list of all your current suppliers – it may be a lot longer than you think!
When did you performance review your suppliers? Are they providing you with up-to-date information, leading edge products and technology or just the same product you’ve always had? How do they respond to your queries or complaints? Look at the marketplace and see what else is out there.
From a financial perspective, can you hand on heart say you are getting the best deal? Is there a payment review clause or maybe a clawback provision you haven’t used? Have you discussed payment terms lately?
Legally, when did you last check your supplier still had the correct accreditations or permits to provide you with the goods or services?
All of the above should be questions you are asking on at least an annual basis of all your suppliers. So what if you undertake a supplier review conclude you definitely are not getting value for money? You need to understand what options you have. From termination to re-negotiation, we can support you. You may not have an immediate replacement available or you’ve missed the auto-renewal date but planning ahead can maximise your supplier contracts’ worth to your business.
We can help undertake your supplier contract review and in the long term, not only maximise your relationship with those suppliers but also maximise your profits.
For any matters relating to business law, contact our Business Services team on 01908 660966 or 01604 828282 or email business.services@franklins-sols.co.uk
Perhaps the biggest challenge facing a business in 2024 is not knowing what they don’t know especially in light of the many legislative changes which are on the horizon! Innocent oversights can sometimes have serious consequences from a legal perspective. In this article we will highlight some of the most common challenges SMEs are facing and how potentially these can be mitigated. Compliance refers to the ways in which a business ensures they are following both their own internal compliance structure and all the laws and regulations that apply to their business or industry. However, compliance is not just about following the letter of the law, it is about planning and prevention. A robust compliance programme can help reduce legal costs and resolution time of regulatory issues and fines. We have highlighted below three challenges which have had recent legislative changes introduced which businesses need to be aware of.
Data Protection/GDPR – Data is now more valuable than ever which has forced the UK legislature to introduce additional safety measures for individuals when dealing with businesses. Whilst the Data Protection and Digital Information Bill introduced in 2023 aimed at simplifying data protection laws for business, there still remains significant onus on those businesses to manage and understand their responsibilities. Do you know what personal data you hold? When did you last check whether this was up-to-date? Do you hold any “special” categories of personal data? Do you need a Data Protection Officer? A simple assessment of the type and use of data within your business can help to mitigate the risk of breaching data laws. Fines remain high for breaches of data protection however it is the reputational impact that probably affects businesses more in the long term.
ESG Reporting and CSR – Environmental, social and governance reporting along with corporate social responsibility are all matters which are increasingly challenging yet important for businesses, their employees and customers. There are numerous environmental laws which all businesses need to be aware of and comply with, with some industry sectors being more regulated than others. Areas for consideration include waste management and disposal, pollution, energy consumption, and emissions. It is incumbent on the business to determine their own business philosophy and ethos and put policies in place to manage and monitor this. Having a detailed environmental policy can not only be a reputational enhancer but it can be a unique selling point and employee retainment or recruitment factor.
Recent evidence points to the UK moving to adopt international standards in 2025 which will introduce changes to current reporting requirements. At the moment, most reporting requirements apply to medium and large companies however with the new government in power with manifesto pledges on energy independence and clean energy by 2030, it is likely businesses of all sizes will see some level of impact.
The social element of ESG generally focuses on the business relationship you as a business have with your employees, customers and community. Legal obligations here can include the need for policies and procedures related to workplace discrimination, modern slavery, health & safety, equality, diversity and inclusion as well as supplier codes.
Finally, the third arm is governance which combines legal obligations as well as ethical and moral considerations. This refers to the way businesses are directed, controlled and how it manages its operations. Good governance focuses on promoting ethical behaviour, transparency, accountability and effective decision-making processes within the business.
Corruption & Anti-Money Laundering – A recent report* claimed that there are no corruption-free zones in Europe surmising there is pressure mounting on businesses to strengthen professional integrity, build trust and fight corruption. The report goes on to claim that “most unethical activity is done by otherwise honest employees who, due to circumstances or peer pressure, are compelled to act unethically”. Supported by a 2024 PwC** report which estimated more than US$1 trillion is paid each year in bribes globally, and that US$2.6 trillion is lost to corruption – that’s 5% of global GDP.
This may sound all doom and gloom, however ensuring you risk assess your business and put in place internal controls and monitoring systems, you minimise your exposure to corruption. Customer and supplier due diligence is a must to ensure you know where money is coming from especially around high value transactions or where that customer or supplier is not physically present or is based overseas. Traceability of funds through good internal controls and procedures is key to reduce the risk of money laundering. Linked to this, the Economic Crime and Corporate Transparency Act 2023 was introduced in Oct 2023 giving Companies House new powers to interrogate the information submitted to it and request verification for company directors and persons with significant control. The effect of the ECCTA will be felt by all businesses with more robust and thorough investigations when submitting Company House filings.
These legal challenges are not insurmountable and with a Franklins outsourcing legal health-check we can provide practical and affordable solutions to help you plan for compliant business growth.
You can contact our Legal Outsourcing team here or call on 01604 936512 / 01908 953674 or email info@franklins-sols.co.uk.
*NAVEX Global Corruption and Anti-Bribery Report
**PwC 5 forces of corruption and anti-bribery 2024
We are delighted to announce that Lisa Garley-Evans has joined Franklins as an Associate Partner, heading up our new Legal Process Outsourcing Department. The department will offer outsourced legal services to businesses who want regular access to legal expertise without the overheads of employing an in-house lawyer or paying legal fees by the hour. The service is designed to be flexible and scalable to meet the needs and budget of each client.
Lisa joins Franklins with over 20 years of experience as General Counsel for multinational FMCG businesses working cross-jurisdictionally across Europe and the Americas.
She will work with clients to truly understand their business and identify challenges and opportunities and develop commercial strategic solutions. This includes offering support and guidance on matters relating to:
- compliance policies
- legal risk profiling and mitigation
- strategic support
- employee matters
- supplier contracts
- data compliant
- company secretary duties
- commercial overview
- regulatory support
- intellectual property matters
- reduction of external legal fees
Lisa also has experience with mergers, acquisitions and disposals and will also be supporting and assisting the growth of the Corporate Team at Franklins.
Commenting on her new appointment, Lisa said:
‘I am really excited to head up this new function and bring my in-house experience working with multi-national corporations, to Franklins’ clients, particularly with the support of the specialist lawyers at Franklins. I’m looking forward to bringing an alternative legal solution to our current and future clients.’
Speaking about the new service Franklins now offers and the hiring of Lisa, Andrea Smith, Equity Partner said:
“We have known for a long time that there was a gap in the market for outsourced legal advice. We felt that with Lisa’s knowledge and expertise in this field this is the perfect time for the Firm to establish our Legal Process Outsourcing department. We wish Lisa all the best in this new and important role.”
You can find out more about Legal Process Outsourcing here.
We are delighted to announce that Sara Marshall, Head of Employment Law has been promoted to Associate Partner, effective from 1st April 2024.
Sara joined the Firm in December 2022 and quickly made an impact on her colleagues and clients. It wasn’t long before Sara’s diary was filled with appointments and a steady stream of 5* reviews from happy clients started to come through. Sara’s excellent track record has led to an abundance of referral work and her reputation has gone from strength-to-strength.
Since joining the Firm as the sole Employment Solicitor. Sara has grown her department to a team of four, comprising of another Solicitor, a Trainee Solicitor and a Paralegal.
Speaking about the decision to promote Sara to Associate Partner, Andrea Smith, Partner, said:
“The Equity Partners have been extremely impressed by Sara’s contribution to the Firm. Her passion, success and leadership qualities make her an obvious candidate for Associate Partner. Sara is also an excellent role model for her team and I’m confident she will continue to be very successful in her role.”
Commenting on her promotion to Associate Partner, Sara said:
“I’m thrilled to join the Senior Management Team as Associate Partner and grateful to the Franklins Equity Partners for empowering me with the autonomy to run my own department, with their support and encouragement. I love my job and feel lucky to have the support of a really great team. I’m looking forward to my future at Franklins.”
To find out more about our Employment Law services click here.
From the 1 April 2023 the minimum wage, known officially as the National Living Wage, will increase, following the recommendations of the Low Pay Commission (LPC). The increase varies depending on the age of the worker.
Here is a guide of what the hourly minimum wage entitlement will be:
National Living Wage |
Rate from April 2023 |
Current rate |
Increase |
23 years plus |
£10.42 |
£9.50 |
9.7% |
21 – 22 years old |
£10.18 |
£9.18 |
10.9% |
18 – 20 years old |
£7.49 |
£6.83 |
9.7% |
16 – 17 years old |
£5.28 |
£4.81 |
9.7% |
Apprentice rate |
£9.10 |
£8.70 |
4.6% |
The apprentice rate applies to people aged under 19, or people over 19 in the first year of their apprenticeship.
The minimum wage will be the same for all the UK.
The LPC has acknowledged that these increases will support the wages and living standards of low-paid workers at a time when many are feeling increased pressure from a rising cost of living. It believes that the increase to the NLW will ensure that it remains on track to reach the Government’s target of two-thirds of median earnings by 2024.
For further advice and assistance please contact our Business Services Team on 01604 828282 / 01908 660966 or email info@franklins-sols.co.uk
A share buyback takes place when a company purchases shares in itself from an existing shareholder. A company may decide to purchase shares from a shareholder when there is no other buyer available.
Generally, there are four ways for a private company to finance the buyback of its own shares:
- out of distributable profits (this is the most common);
- out of the proceeds of a fresh issue of shares;
- out of capital either in compliance with Chapter 5 of the Companies Act 2006; or
- using the De Minimis provisions set out in s.692(1ZA) Companies Act 2006.
Under the De Minimis Procedure (which is a share buyback out of capital) the amount of shares a company can buyback is capped at an aggregate amount in a financial year not exceeding the lower of the value of 5% of its share capital or £15,000.
In each case, it is important to check the articles of association of the company for any restrictions or procedures that need to be followed in order to authorise the repurchase of shares. Shares bought back by a company are normally cancelled. However, if shares are brought back using distributable profits, companies have the option to hold them ‘in treasury’ instead of cancelling them. Treasury shares can be sold, cancelled at any time or held in treasury indefinitely.
Whichever method you decide to use, it is important that you understand the practicalities of these options.
If you want to know more about share buybacks, please contact our Business Services Team on 01604 828282 / 01908 660966 or email info@franklins-sols.co.uk
‘Completion accounts’ and ‘a locked box mechanism’ are two tools in share transactions that can be used to determine the purchase price. Both can be used but carry their own risks and advantages.
Locked Box Mechanism
In a transaction using the locked box mechanism, the parties will agree on a fixed purchase price based on a set of accounts made up to a specific date and no further adjustments are needed following completion. The economic risks transfer to the buyer from the ‘locked box date’ however the seller continues to run the business between the locked box date and completion of the transaction. However, the Seller must also undertake to be responsible for any ‘leakage’ since that date. ‘Leakage’ being monies or assets transferred out of the Company to their own advantage. This way, the Seller can’t asset strip the Company after the price has been agreed based on historic accounts.
Completion Accounts Mechanism
On the other hand, the completion accounts mechanism is when the purchase price is not fixed on completion and further adjustments will be necessary post-deal. This is done by preparing completion accounts based on the business’ balance sheet as at the date of Completion itself and then adjusting the purchase price based on the net assets or current assets of the Company (often a ‘cash/debt free’ or ‘Net Asset’ adjustments). An agreed amount will be paid on completion by the buyer, and the buyer takes control of the business and runs the risk from the date of completion. Completion Accounts are then prepared and an adjustment is made either way. The Completion Accounts mechanism has become more common in more complex transactions as it enables the parties to go into greater detail and confirm a fair purchase price as at Completion itself as opposed to a historic date in time. However, when choosing the completion accounts there is still potential for disputes following completion when the accounts must be prepared and agreed which also comes with additional costs. The Seller also needs confidence that the balance of the purchase price will be paid and may also seek some form of security for this.
Either way, it is important to ensure that your team understands the practicalities of these mechanisms, the risks to you and how to mitigate these. Of course, these are just two of the potential Purchase Price mechanisms that could apply to your transaction. If you want to know more about these and purchase price adjustments from a legal perspective, please contact our Business Services Team on 01604 828282 / 01908 660966 or email info@franklins-sols.co.uk
Now you know what is involved in selling your business, you know how important it is to have the right team around you to guide you with each element of your transaction and ensure the best outcome for you.
Who is involved in the transaction?
The team that you need to sell your business will vary depending on the size and nature of the business. However, I would expect:
- Solicitor – we can support you with each element of the transaction. We can provide initial advice on the structure from a legal perspective, draft your non-disclosure agreement to protect your confidential information and Heads of Terms, manage, assist you with and advise you on due diligence, negotiate and draft your governing documents for the transaction and assist you with preparation of your Disclosure Letter. We are there to support you at each stage of the transaction and have your best interests at heart.
- Corporate Finance (CF) advisor or agent – they can help you craft the right deal structure for you and take your business to market in a discreet and confidential manner.
- Accountant – your accountant is key to assisting with responses to tax and accounting enquiries and dealing with any purchase price adjustment mechanisms, warranties and tax covenants in the SPA and the implications for you from a tax perspective
- Independent Financial Advisor – once the deal is done you need to consider how best to invest that money to protect your future. An independent financial advisor can assist with this and we would advise you get them involved at an early stage so that they can assist you with ensuring the deal structure and price is right for your future needs.
Selling your business is a big step to take. Before moving forwards with this, make sure that you have the right team around you to support you with each stage. At the end of the day, it needs to be a team that you not only Trust but that you get along with. After all, there will be a lot of hours, calls and meetings required to get the deal done and having a supportive team that you can call on and talk to on a frank level is essential to reach a positive outcome for you.
Please do get in touch with Holly Threlfall or the team on 01604 828282 / 01908 660966 or email info@franklins-sols.co.uk