Our company is being sold....what happens?

GreenNinja

Hi All,

I need some info please as I have had conflicting information on this.

My boss is selling our company to another company that sells the same kind of products as us and uses the same bespoke computer system. The word is that they want the sales people but not the rest of us as they will centralise some of the functions to their own site.

I have worked here for 5 years. Do they have to offer us redundancy or can they just get rid of us? I understand that they can change our terms of employment if they wish and we can do nothing about it, is this true?

General_Grant

If the company is sold, your employer remains as is as you are employed by the company, a legal entity separate from its owners.

So, if there is not enough work to be done, you qualify for redundancy because of your 5 years' service.

antrobus

Google 'TUPE'.

GreenNinja

Sorry should have also mentioned that my employer is also the MD of the company so he would be stepping away from the business and passing over to the new owners for management etc.

p00hsticks

antrobus wrote: »

Google 'TUPE'.

I don't think TUPE is appropriate in this situation when when one company is simply bought out by another - as General Grant says, the employers are still basically employed by the same company, it's just that the ownership of that company has changed.