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Potential sale of company


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Does my Employer have to tell me and my colleagues if they are currently looking for a buyer as they wish to sell the Company. Or only once they have found a Buyer.

 

I have just found out that my company which is a Ltd Co and owned by 2 shareholders is having due diligence done with the intent to put it "out there" for sale.

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There is only a legal requirement for the shareholders to contact you if there is going to be any change in terms and conditions as a result of the sale.

 

The fact that the company is being sold does not itself affect your terms and conditions of employment. Sometimes a new owner may want to make changes. Though a good owner will try to reassure employees that everything is 'business is usual'.

 

If the shareholders are only investigating a possible sale, it may take months or years before a sale actually goes through. It can sometimes take a long time to find a buyer who is prepared to pay an acceptable price for the business.

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