Postlethwaite Solicitors Limited

DIRECTORS: Robert Postlethwaite and David Reuben
NO. OF LAWYERS: 5

AREAS OF PRACTICE
-Employee Ownership
-Employee Share Schemes

INDUSTRIES
Postlethwaite Solicitors work with businesses from all sectors and industries across the UK.

THE FIRM
Postlethwaite Solicitors is a 100% employee owned boutique legal practice specialising in employee ownership since 2003, with offices in London and Leeds. Founded by Robert Postlethwaite over twenty years ago, it is now recognised as one of the leading firms in the UK in this area, having helped over 170 companies make the transition to become employee owned and has a reputation for excellence. The firm has five lawyers and has clients throughout the UK and overseas.

PRINCIPAL AREAS OF WORK

Employee ownership transactions, from design to implementation and beyond, including:

■ Design of share ownership arrangements (for UK and non-UK owned organisations)
■ Structuring arrangements for succession, especially using employee ownership trust tax reliefs, in relation to which the firm is widely regarded as a market leader; and
■ Implementation of share ownership arrangements

Employee share schemes and all ancillary aspects, including:

■ Advice on the structure, design and implementation of EMI schemes, CSOPs, Growth Shares, JSOPs, Share Incentive Plans and other bespoke forms of share scheme
■ Internationally mobile employee and cross-border issues
■ Agreeing company valuations with HMRC for share scheme purposes
■ Share scheme aspects of mergers and acquisitions and other corporate events; and
■ Share scheme administration

RECENT WORK HIGHLIGHTS

Interact CC Ltd
We advised this call centre group with offices in Wigan and London, which had a number of shareholders.We assisted with the design and implementation of a transaction involving the acquisition by an employee ownership trust of just over 91% of the shares in the company.

This involved a preliminary share for share exchange in relation to shares held in a subsidiary company.The project involved designing the employee ownership structure to meet the commercial needs of the company and its shareholders.We drafted all documentation for the transaction and advised on all tax and commercial aspects, including obtaining clearance from HMRC.

Lawyers: David Reuben and Judith Harris
Tel: 020 3818 9420

Smith Myers Communications Ltd
The company designs, develops and manufactures application specific cellular network and handset products.

We assisted with the design and implementation of a transaction involving the acquisition by an employee ownership trust of just over 51.06% of the shares in the company.

At the outset two shareholders held shares jointly on trust for each of them in different proportions. We separated out this shareholding to enable the sale of the desired percentages from each shareholders. The payment of the purchase price was structured to include fixed quarterly instalments and uplifts from the distributable profits.

Lawyers: Robert Postlethwaite and Hannah Tinsley
Tel: 020 3818 9420

Centaur Robotics Limited (SS)
We advised Centaur Robotics in connection with further option grants, both EMI and unapproved, including all taxation advice.We investigated and confirmed their qualification for EMI, agreed valuation with HMRC, and updated their option agreement to reflect a new commercial situation, including advising on performance conditions.

We also advised in connection with the implementation of the grants and notification of option grants to HMRC

Lawyer: Judith Harris
Tel: 020 3818 9420