Notifications increase There was a significant increase in notifications, with 1,143 notifications submitted (up c.26%). A majority of these were mandatory notifications (c.83%), but there was also a notable rise in voluntary and retrospective notifications. This reflects a clear trend
More about NSIA Update: What investors/buyers need to knowHow PISCES works PISCES is a new UK trading mechanism designed to allow private companies to hold regulated, time‑limited windows in which their shareholders can sell existing shares to eligible investors. Who operates PISCES? PISCES is a regulatory regime under
More about PISCES: preparing private companies for intermittent share tradingOn Royal Assent – December 2025 The ERA 2025 repealed the Strikes (Minimum Service Levels) Act 2023, which previously allowed the Secretary of State to set minimum service levels for strikes in “relevant services”, such as health, transport and education.
More about The Employment Rights Act: what’s already in and what’s coming up firstThe Code The City Code on Takeovers and Mergers (the Code) has, for nearly 60 years, been the rule book for the conduct of takeovers, ensuring fairness, transparency and certainty. Administered by The Panel on Takeovers and Mergers (the Panel),
More about Navigating the Takeover Code – key changes effective February 2026STAGE 1: Auction opening and indicative offers The starting point in M&A auctions is usually the preparation of an information memorandum by the seller about the target and the opportunity to acquire it. This is circulated – subject to a
More about Under the hammer – the auction process in M&ADeal Flow in 2025 During the first half of 2025, UK private M&A activity slowed significantly compared to the strong finish in 2024. The graph below shows the total deal volume and value across the M&A landscape in the UK
More about UK private M&A trends: insights from 2025 and predictions for 2026Below are five essential steps to help you maximise value and minimise risk during your business sale. 1. Start Planning Early Where possible, exit planning should start years before you intend to sell. Early preparation gives you the flexibility to
More about Selling your business: 5 steps to optimise your exit strategyWhat is a Bad Leaver Clause? A bad leaver clause typically appears in a shareholders’ agreement, articles of association, or a sale and purchase agreement of shares (SPA). It defines the circumstances in which a departing shareholder must transfer their
More about Bad buyers and bad leavers: sellers face an imbalanced fightTo view this service offering as a pdf, please click here. Effectively tackling the issue of sexual harassment in the workplace has never been more important. For years, many employers have believed that a generic policy was sufficient. However, following
More about Sexual harassment in the workplace: protecting your people, culture, and reputationHOT – Heads of Terms / LOI – Letter of Intent / Offer Letter Often referred to by different names, this document sets out the key terms of the deal before it is actually formally signed, including price and the
More about Understanding some of the key language (and documents) used in M&A transactions