Company being sold. Should I be informed?

[Johhny]

Hi there,

I've discovered in a roundabout way, that the company I work for, is in the process of being sold.

I'm aware of my TUPE rights, but do I have a right to be informed that it's actually happening?

Thanks.

[honeybee13]

Hello, welcome to CAG. I'm sorry to hear about your problems.

The employment guys should be along later, please bear with us until they're able to get here.

Best, HB

[fkofilee]

Companies being sold is normally done on the down low until the company is sold and then all relative parties are informed, So no - They dont have to tell you until after its done. 

Normally there is a NDA involved with companies that are going through this purchase for both the buyers and sellers. 

[Johhny]

Thanks for the help.

Just have to wait for it to happen now.

[fkofilee]

Out of interest, what is the size of the company being sold - How many employees?

[Johhny]

Small.

The owner plus me.

[Johhny]

Also,

Things could be different to what I thought I knew.

I obviously don't know how things will be handled.

It's the owner of an existing company (competitor) buying us out, so I don't know whether I'd be working for the same (old) company, or the new one.

[Nicky Boy]

Thread re-opened.

[Johhny]

Thank you for opening the thread Nicky.

Just adding a bit more information here, to see if the advice given already is still current / valid?

I now know that the buyout will be assets only.

I've also had a look around and the impression I get is that any employees (just me) should be consulted/advised prior to the transfer happening?

I've been told nothing.

Any further advice very gratefully received.

Thank you.

[jk2054]

When you say assets only have you asked specifically what this includes? 

Assets only makes it seem that you wouldn't be working for them at all, and that they are taking the companies assets not the people.

Are you sure you are being transferred over?

[Johhny]

From reading around, an asset buyout includes employees, which brings TUPE into play.

I can't ask anything officially, because officially "I don't know what's going on".

I do know from another source that I am being transferred. The old Company will be dissolved.

It seems, again from from reading around, that I should be informed / consulted at some point during the process.

Just wondering if anyone on the forum has specific knowledge about this?

(Because of personal circumstances, I personally wouldn't actually mind redundancy right now).

[jk2054]

ok your being transferred so then your employer from post 7 would be the new one.

Sorry I can't advise on consultation as i don't know and don't want to advise wrong. Hopefully someone can come along that does know.

[Emmzzi]

Hi, the law generally is geared towards keeping people in employment.

 

What could happen is 

a) the boss sells the business as assets only, not as a going concern, and makes you redundant; or

b) you TUPE to the new company and if there is a job, you do the job; if not, they make you redundant.

For a 2 person company, consultation will be limited! I think, though it's reasonable to talk to your boss about what you think you know, and how you know it - and just ask what the plans are.  He/she may be as inexperienced in this as you are.

Consultation information is here

Redundancy: your rights: Consultation - GOV.UK

WWW.GOV.UK

---

Being made redundant - rights, statutory payments you're entitled to, notice periods and consultation, finding a job.

 

[Johhny]

Hi Emmzzi,

Thank you for the input.

The rights for a single employee seem a little wooly.

"If your employer is making up to 19 redundancies, there are no rules about how they should carry out the consultation."

It would be difficult for me to approach my boss about it, because it could cause problems for my informant friend. (Not many ways I could know about this happening).

My friend tells me that, because of my skill base, I am viewed as a major part of the asset purchase, and I do know that I will definitely be kept on in my current role because of those skills

I just feel a little impotent, knowing that I'm being bought and sold "without my knowledge" so to speak.

Oh well.

As I'm apparently considered such an asset, I suppose I should view it more as an opportunity to re-negotiate more favourable terms and conditions, as and when it happens.