Our team of specialist Corporate Solicitors provide advice to a broad range of clients including PLCs, owner-managed businesses, SMEs, management teams, private equity investors and serial entrepreneurs on all aspects of mergers and acquisitions (M&A) including:

  • Business acquisitions and disposals;
  • Earn-outs and deferred consideration;
  • Mergers;
  • Group reorganisations;
  • TUPE and employment issues;
  • Due diligence;
  • Competition;
  • Transaction specific property related matters.

The sale of assets is a common means by which a business can be bought and sold.

Key features of an assets sale are:

  • Those assets to be sold and those assets to be excluded from the sale are clearly identified in the sale agreement. For a buyer, the ability to “cherry-pick” the profitable assets and leave behind the unprofitable assets is attractive;
  • The current liabilities and creditors of the target business are (unless agreed otherwise) generally excluded from the sale and remain with the seller;
  • Due to the specific nature of assets being acquired, the buyer’s need for protection in the sale agreement in the form of warranties and indemnities is reduced (as compared with a share sale).

For both the buyer and the seller, the costs involved in the sale of assets are likely to be lower than a sale of shares. This is due to a reduced level of due diligence to be required by the buyer and a less extensive requirement for warranties and indemnities in the sale agreement.

Heads of Agreement

Once agreement in principle has been reached between a seller and buyer (particularly in relation to the price to be paid), it is advisable for the parties to enter into heads of agreement.

The heads of agreement will contain the essential terms of the transaction, they will form the basis upon which the legal documents can be drafted and will help to ensure that time is used efficiently moving forward. The heads of agreement are generally not legally binding with the exception of exclusivity (for the buyer) and confidentiality (for the seller).

The Asset Sale and Purchase Agreement

The asset sale and purchase agreement will vary considerably from one transaction to the next, but some of the more significant points are as follows:

  • The price payable for the assets is apportioned between the assets being acquired, which may have tax advantages;
  • Apportionment between the seller and the buyer before and after the completion date of liabilities, periodical payments, deposits and prepayments;
  • The transfer of employees to the buyer pursuant to TUPE;
  • The transfer of a business as a going concern is usually exempt from VAT (provided that certain conditions are met);
  • The seller will give a series of warranties (or contractual promises) to the buyer in relation to various aspects of the affairs of the business. Warranties serve the dual purpose of providing the buyer with a remedy for breach of contract if a warranty is breached (therefore allowing a price adjustment post-completion) and also by promoting the flow of information regarding the affairs of the business from the seller to the buyer in the form of a disclosure letter from the seller. A disclosure letter will set out those facts and circumstances which are inconsistent with the statements made in the warranties;
  • If the buyer has any specific issues of concern then these may be addressed in the form of indemnities;
  • Restrictive covenants are included to protect the buyer from the seller setting up a competing business or poaching customers/suppliers and employees of the business;
  • If a deal is funded by a third party, or through a loan, then the funder may wish to take security over the company and/or its business. A seller may also wish to take security if the purchase price is to be paid in instalments over a period of time post completion;
  • Where the price includes an earn-out arrangement whereby all or part of the purchase price is calculated by reference to the future performance of the business, a seller should consider suitable protections to ensure that the operation of the business of the company is protected.

Our Approach & Our Experience

We work closely with our clients to ensure that we provide the most accurate legal advice in the most cost-effective manner. We make sure that we explain the process clearly and understand that a common sense approach is often required. 

From the outset, we will give our clients an estimate of the costs involved to take on any piece of work. Following this, we make sure we update the client as much as possible to provide costs updates on a regular basis. Where appropriate, we are also happy to discuss other pricing models (for example, fixed fees) if that is helpful to you.

Examples of our work and the transactions we have recently advised on include:

  • Sales of franchise businesses in various sectors.
  • Acquisitions of gyms/health clubs.
  • Sales of graphic design companies.
  • Acquisitions of portfolios of public houses ranging from £500,000 to £1,000,000 per property.
  • Sales of portfolios of pharmacies ranging from £500,000 to £3,000,000 per property.
  • Incorporation of various businesses from sole traders or partnerships to LLPs and private limited companies.
  • Purchase and sales of various opticians, dentists, hearing aid dispensers, veterinary and other health care businesses.
  • Acquisitions and disposals of accountancy firms, solicitors’ practices and other professional practices and businesses.

Our Promise & Core Values

Our Promise

The Myerson Promise - Our Partners, team of lawyers and support staff commit to giving our clients more.

To always give you clear, jargon-free advice.
To be completely transparent about our fees from the outset.
Progress every matter in an efficient and timely matter.

Our Core Values

Our core values are at the centre of everything we do.

We are always professional but ensure that we are friendly and approachable.
We are determined and enthusiastic about supporting our clients and our people.
We willingly take responsibility and can be relied on to be commercial, effective and efficient.

Meet Our Specialists

Home-grown or recruited from national, regional or City firms. Our specialists are experts in their fields and respected by their peers.

Mohammed Akeel Latif

Mohammed Akeel Latif

Akeel is a Partner and Head of the Corporate Commercial department at Myerson

Andrew Brown

Andrew Brown

Andrew is a Partner in our Corporate Commercial department

Carla Murray

Carla Murray

Carla is a Partner in our Corporate Commercial department

Scott Sands

Scott Sands

Scott is a Partner in our Corporate and Commercial department


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