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www.trethowans.com approachable lawyers trusted advice TRETHOWANS SOLICITORS YOUR BUSINESS SURVIVAL KIT Your Business Survival Kit The economic downturn and ‘credit crunch’ are making business survival more challenging. In this guide we explain some of the issues you may face and provide practical guidance and support, including: - How to re-structure or downsize your business in an economic downturn - How we can help if your business becomes the victim of a claim - What happens if your business is at risk of insolvency - Making the most of your Property TRETHOWANS

Your Business Survival Kit

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Offering practical guidence and support durring the economic downturn.

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TRETHOWANSSOLICITORS

YOUR BUSINESS SURVIVAL KIT

Your Business Survival KitThe economic downturn and ‘credit crunch’ are making business survival more challenging.

In this guide we explain some of the issues you may face and provide practical guidance and support, including:

- How to re-structure or downsize your business in an economic downturn

- How we can help if your business becomes the victim of a claim

- What happens if your business is at risk of insolvency

- Making the most of your Property

TRETHOWANS

the problem

The current banking crisis, loss of consumer confidence and the fear of recession will put many organisations under increasing pressure over the coming months.

Many organisations operate a good business model and are well managed. Even these organisations are beginning to feel the affects of the economic downturn.

the issues that businesses will face include:

- Slower payment of your invoices

- Pressure to reduce your prices or lose business

- The need to cut costs, including staff numbers

- Disputes with your suppliers and contractors

- Insolvency of your key suppliers and contractors

- More time spent fire fighting, so less time to drive your

business forward

the solution

The key to survival is having the right advice, support and processes in place.

- You know how to run your business; we know how to take

some of your problems away.

- We have a team of lawyers, with a wealth of experience in

helping businesses survive and prosper.

- We can work closely with your financial advisers and banks to

ensure you get the help you need.

Over the following pages we will explain some of the services that we offer supported by case studies and testimonials to illustrate the practical support that we can provide.

corporate survival

contents

- How to structure & restructure your businessCatherine MacRae, Partner & Head of Corporate

- Managing employees in tough times

Simon Rhodes, Partner & Head of Employment

- Resolving disputesColin Passam, Partner & Head of Commercial Litigation

- Improving cash-flow & managing debts

Diane Bantten, Debt Recovery Manager

- Property – an asset or a liability?Rob Chapman, Partner, Commercial Property

- What to do if your business is at risk of insolvencyJames Allen, Associate, Corporate Team

TRETHOWANSSOLICITORS

business survival

www.trethowans.com

about Trethowans

At Trethowans we’re passionate about being a different law

firm. Many clients have commented on the ‘certain type’ of

personality that the firm attracts, and they’re right. Our people

and our ‘Team Trethowans’ approach are our most valuable

assets in ensuring that we deliver first-class legal advice in a

personable and approachable way.

Founded in 1866, Trethowans has grown to become a team of

over 160 people, including 25 partners and over 75 lawyers

across offices in Salisbury and Southampton. We offer a

complete range of services for business and individual clients

that are delivered with the kind of dedication and excellence you

expect from one of the South's leading solicitors.

Our business lawyers, who specialise in different areas of the

law, work together to regularly advise international and national

household brand names, owner-managed, entrepreneurial and

major regional employers across Hampshire, Wiltshire and the

rest of the UK. Four of our six teams that advise business

clients are rated in the two independent guides to the legal

profession, Chambers Guide to the Legal Profession and Legal

500.

"We recognise that our clients are not the same

and need to be looked after in different ways. The

quality and personality of our people and the

practical way in which we deliver our services

enables us to offer a service that is second to

none. Our genuine care for our clients means that

we will always ‘go the extra mile’ for them.”

Miles Brown, Managing Partner

TRETHOWANSSOLICITORS

business survival

www.trethowans.com

about Trethowans

At Trethowans we’re passionate about being a different law

firm. Many clients have commented on the ‘certain type’ of

personality that the firm attracts, and they’re right. Our people

and our ‘Team Trethowans’ approach are our most valuable

assets in ensuring that we deliver first-class legal advice in a

personable and approachable way.

Founded in 1866, Trethowans has grown to become a team of

over 160 people, including 25 partners and over 75 lawyers

across offices in Salisbury and Southampton. We offer a

complete range of services for business and individual clients

that are delivered with the kind of dedication and excellence you

expect from one of the South's leading solicitors.

Our business lawyers, who specialise in different areas of the

law, work together to regularly advise international and national

household brand names, owner-managed, entrepreneurial and

major regional employers across Hampshire, Wiltshire and the

rest of the UK. Four of our six teams that advise business

clients are rated in the two independent guides to the legal

profession, Chambers Guide to the Legal Profession and Legal

500.

"We recognise that our clients are not the same

and need to be looked after in different ways. The

quality and personality of our people and the

practical way in which we deliver our services

enables us to offer a service that is second to

none. Our genuine care for our clients means that

we will always ‘go the extra mile’ for them.”

Miles Brown, Managing Partner

TRETHOWANSSOLICITORS

business survival

www.trethowans.com

You have to balance a desire for:- control; - limiting liability; and - the most efficient vehicle for tax

purposes;as well as a number of factors which are sector specific, before deciding what suits you best.

If your business is likely to engage in activities which involve an element of risk, your main aim is likely to be to minimise that risk. You have a choice of a limited liability company or a limited liability partnership (or LLP) to help to shield your personal assets from business debts and claims. Limiting liability does, however, come with strings attached in the form of compliance and administrative requirements.

Catherine MacRae, Partner & Head of Corporate Team

A smaller business operating in a field of limited exposure may be more appropriately run by a sole trader or an unlimited partnership.

When deciding the best structure for you, the key areas to consider are likely to be:

- what are my potential risks and liabilities?

- what are my main business objectives?- how is my personal tax position going to

affect this?- do I want anyone else to be involved in

the business and what are their requirements?

- what if I fall out with my business partners?

- what are the likely operational costs and do I have the resources for this?

Whatever your business and whatever the size or area of operation, you are likely to need terms of trading, advice on employment and health and safety issues and an explanation of the contracts and complex statutory regulation under which you operate.

for further information, contact:Name Catherine MacRaeTel 023 8082 0456Email [email protected]

When you’re setting up a business it is by no means a case of ‘one size fits all’.

to illustrate“It was quite evident the first time I used Trethowans that their service and the technical expertise they have at their disposal through a variety of people was different to what I’d experienced using a local lawyer, so I was pretty impressed straight away. We go through a formal process each year of reviewing our key suppliers, Trethowans is the only company that has been consistent over the last 7 years, so that’s probably indicative of what we think about them.”

Danny Lillington, RiskSTOP Limited

how we can help

We can help you decide which is the best business vehicle for you and then help you set it up. We can assist with the ongoing compliance requirements to help keep you on the right track and to grow that business, even in difficult times.

Our aim is to work with you to help maximise and protect your returns in good times and bad - and to help keep you afloat in the more difficult times.

we can help with:- strategic planning- company or LLP formation- partnership agreement- shareholders’ agreement- share schemes- EU regulations and compliance- data protection- restructuring your business- funding and loan agreements- acquisitions and disposals- protection and exploitation of Intellectual

Property Rights (IPR)

This is only a snapshot but it will give you an idea of how we might help you. If you think you might need any of these services, get in touch with a member of our corporate team.

TRETHOWANSSOLICITORS

how to structure & restructure your business

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The wage bill is the biggest cost for most businesses, so cutting those costs means restructuring and redundancies.

Re-structuring your work force in good time can help to avoid compulsory redundancies. Where your employees work, what shifts you operate, which company employs your people and what benefits you offer are all worth considering before you move to making redundancies.

Getting your employment strategy right before going into redundancies is fundamental but often neglected. We can help advise you on how to set up the best structure going forward and how to keep the key people your business needs.

Simon Rhodes, Partner & Head of Employment & HR Team

Getting your process and procedure right is critical. Without that you will make all your dismissals automatically unfair. We can help check your existing criteria, or help prepare new ones for you. We can help protect you against claims from employees who leave your business and to enforce restrictive covenants against key employees who leave your business.

With a compensatory award of £63,000 per employee for unfair dismissal, this is too expensive to get wrong.

Proper consultation is always required for redundancies. Where you are thinking of making more than 20 employees redundant at any point in the future, you need to follow a set collective consultation process. If that process doesn't happen properly it could cost your business 13 weeks pay per affected employee.

Many redundancies are unfair because the pool of employees you choose from is too narrow.

We can provide advice as to who to include and who to exclude. Once you have got the right people to choose from, using fair selection criteria is essential.

for further information, contact:Name Simon RhodesTel 023 8082 0547Email [email protected]

As the economy tightens, businesses need to look at cutting costs.

to illustrate“We have been delighted with our decision to use Simon Rhodes and the Employment Team at Trethowans for our employment advice. Simon has been invaluable, understanding our business needs and giving excellent advice accordingly. He has the ability to take a difficult situation and simplify it, helping to set out a step by step action plan – in an increasingly complex legal area, Simon is a breath of fresh air! If Simon is not available, he has a great team supporting him who are always on hand to help.”

Nikki McGhie, HR Manager, Bendicks of Mayfair

how we can help

Our large and experienced Employment

Team works closely with HR professionals

and Company Directors to help you deal

with your employment issues as quickly

and as painlessly as possible.

We provide advice that actually solves

your problems, rather than just giving you

a series of options without really providing

any advice.

we can help with: - Strategic advice on issues such as

outsourcing or redundancy

- Urgent advice on day to day

employment issues that you have to

deal with

- Reviewing employment contracts,

policies and handbooks to ensure they

comply with the law and work in practice

- Helping you defend any Employment

Tribunal claims brought against you

- Helping you enforce restrictive

covenants when key employees leave

The strength and depth of the Team

means that we are able to deliver a

consistently good service.

TRETHOWANSSOLICITORS

managing employees in tough times

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at the earliest opportunity.Failure to do so can expose the directors of the company to personal liability. An insolvency practitioner will be able to confirm whether or not your business is insolvent and start exploring your options.

Broadly there are four potential outcomes after taking initial advice:

1. Turnaround: a business is in trouble, but with appropriate professional advice it can be rescued without a formal insolvency procedure being entered into. Insolvency practitioners would work closely with the company in moves such as reconstruction, cutting costs and raising extra funds.

2. Administration: a business is insolvent but has inherent value (e.g. goodwill, contracts, intellectual property or physical assets) that mean that the creditors of the business will be better off if insolvency practitioners take control of

James Allen, Associate -Corporate Team

the business as its administrators. The filing of a notice of intention to appoint administrators has the added advantage of protection from creditors. The next decision is whether the best way to extract value from the business’s assets is to carry on trading or to sell them. The latter is more usual. Often potential buyers for the assets are sought and negotiations are concluded while the preliminary steps towards an administration are taken. This is known as a ‘pre-pack’ sale. The sale negotiations are simplified by the fact that administrators give no warranties whatsoever as to the assets being sold; the risk to the purchaser is reflected in a reduced purchase price. Often the purchaser is a new company formed by the individuals involved in the old company (this is often referred to as a “phoenix” purchase).

3. Arrangement: the directors of the company call its creditors together and persuade them that, whilst the company faces significant difficulties, if all affected parties co-operate then the creditors will receive a better return than they would if the company was put into liquidation.

4. Liquidation: the business is unsalvageable and has no inherent value to justify an administration. All that can be achieved is an orderly “winding up” of its affairs.

for further information, contact:Name James AllenTel 023 8082 0460Email [email protected]

If you have any concerns that your business is insolvent then you should seek advice

to illustrateWe received a call from clients whose business had been tailing off over the past few months and who were worried about insolvency. We put them in touch with a firm of Insolvency Practitioners, who, after a meeting, advised that the company should be put into administration. The company had valuable intellectual property and it just needed to keep its creditors and the bank at bay for a time. We prepared the documentation, got it signed off and filed at court; being located next to the Southampton County Court meant we were able to make the first filing within a matter of hours. A team from within the company came forward as buyers for the assets and a “pre-pack” sale was quickly prepared and agreed.

how we can help

Insolvency is a frightening concept but it can be avoided. By prompt action and receiving good and timely advice, businesses can be saved.

We are well connected with the insolvency practitioner firms in the South and can put you in touch with the right advisers for your business.

Where necessary, we also provide clients with a complete dispute resolution and debt recovery service.

we can help with:- Advising you on the potential risks to

directors if a company continues to

trade while it is insolvent.

- Preparing the documentation for a

corporate reconstruction or refinancing

as part of a turnaround.

- Preparing the documentation for an

administration and filing it at court.

- Assessing if your business has

Intellectual Property and ‘intangible

assets’ or ‘know-how’ that can be sold.

- Preparing “pre-pack” sale agreements.

- Assisting with the formation of “phoenix”

companies.

- Advice on the purchase of assets from

an insolvent company.

TRETHOWANSSOLICITORS

what to do if your business is at risk of insolvency

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achieving a successful recovery.

Increasingly companies seeking to recover monies due are being faced with spurious allegations of defective goods or services.

In these circumstances, you need to consider using the full array of remedies under the Court or Alternative Dispute Resolution process to achieve the quickest possible outcome.

This can include, where appropriate:- Seeking Orders for Summary

Judgment;- Interim Payments;- Judgment on Admissions; and, in

major cases - Freezing Injunctions

Adjudication and Mediation claims are also an option in this situation.

Colin Passam, Partner & Head of Commercial Litigation

An issue that many are encountering currently is counterparties seeking to transfer or hide their assets to evade creditors’ claims. In these circumstances our experience in asset tracing and fraud investigation can be applied for your benefit.

There are also increasing instances of business clients encountering difficulty with their business premises due to the landlords suffering financial difficulty. Our property litigation team has been able to support clients in this position by acting quickly and ensuring their position is protected.

Likewise, in circumstances where trading revenue is reduced, it is even more important to protect business assets such as intellectual property from infringing activity by other parties. If left unchecked this can have the effect of diverting trading income from a business to the infringing party. Where appropriate we can obtain Injunctions against an infringing party in order to protect the vital trading income for your business.

Key to protection of your interests is the seeking of focused legal advice immediately when problems arise.

for further information, contact:Name Colin PassamTel 023 8082 0527Email [email protected]

In these turbulent times speed of action is crucial. This can often make a difference in

to illustrateRecently Trethowans assisted a ground works contractor in a claim against a major contractor engaged in supermarket renovation works. The major contractor was making allegations of poor workmanship to avoid paying the ground works contractor. The ground works contractor disputed the allegations.

Trethowans were able to assist the ground works contractor in defeating the allegations and achieved adjudication awards for - the full amount sought; plus - the contractor was directed to pay the Adjudicators fees

how we can help

Our Litigation Team has a depth of experience that can be applied to your advantage.

We always look for the quickest route through the process and will work with you to pursue pre-emptive remedies whenever possible.

Our advice is highly commercial and aimed at protecting your interests and helping you to achieve your desired outcome.

We are often able to negotiate a good settlement or submit an early settlement offer to help minimise clients costs. Our practical approach means we are able to highlight possible problem areas and form and agree a strategy to overcome them.

We represent organisations of all sizes and across all types of commercial litigation. We also use the full range of alternative dispute resolution methods at our disposal to resolve our clients disputes. This includes arbitration, adjudication and mediation.

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resolving disputes

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agreed to do business together.This will include amongst other things, your payment terms.Be careful that your client has not, or does not, impose their terms upon you, that your payment terms prevail and that you have something in writing to confirm their acknowledgment of those terms.

One of the problems currently facing many businesses is that their clients’ are failing to adhere to terms of payment. If your terms stipulate that payment is due within 30 days of presentation of your invoice then that’s when you should expect payment. If you do not get payment on time, then you need to be first in the queue when asking for it. In certain circumstances, it will be possible for you to claim interest upon late payment.

Diane Bantten, Debt Recovery Manager

When a payment becomes overdue, wherever possible you need to establish if there is some bona fide reason for non-payment. If you have satisfied yourself that there is no such reason and it is merely because your customer has not organised their cash-flow, then you need to start “chasing” payment. The sooner the better.

Once your own credit control procedures have been exhausted you need to instruct a good debt recovery company to become involved. The debt recovery specialists will then most likely prepare and issue a claim form. The claim form may elicit a response which can be by way of payment in full, payment proposals by way of instalments or silence. Should the claim go unanswered then Judgment can be obtained swiftly and enforcement procedures employed.

Enforcement procedures are numerous and will depend on the circumstances of the matter, for instance, whether or not the customer/client is an individual, business (a firm) or a limited company. It will also depend upon the financial circumstances of the non payer.

for further information, contact:Name Diane BanttenTel 023 8082 0520Email [email protected]

It is important for your business that you and your client are crystal clear about how you have

to illustrate

We were recently instructed to pursue non payment of a debt totalling £32,000.00. The non payment arose in respect of the supply and erection of scaffolding. The contract was with a large multi national company.

Our client had difficulty in reaching the right person to organise payment. We gave our client a voice when he instructed us to pursue the same. Not only did we secure payment in full within 14 days, we were also able to obtain Late Payment Interest and compensation.

how we can help

Our specialist Debt Recovery Team can help you in a number of ways.

Putting the weight of the Trethowans name and reputation behind your demand for payment will more often than not bring forth a response.

We can help you open the lines of communication between yourself and your customer, for instance, if they have been ignoring your requests for payment.

We will help you approach the problem of non payment having considered your individual circumstances. Sometimes, it will be necessary to take a holistic approach to recovering your debt rather than a hard nosed and unyielding stance.

In the current climate it really is necessary to “know your opponent”.

We offer a variety of approaches to help you secure payment. These include: telephone debt recovery and negotiation, payment monitoring, brokering settlements and straightforward debt recovery techniques.

We pride ourselves on offering our clients the best service possible.

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improving cash-flow & managing debts

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Rob Chapman, Partner, Commercial Property

you will need to dispose of the existing property first.

A first step is to review the relevant leases. Are there any break clauses coming up? If there are no break clauses imminent, the options available for surplus premises are assignment, underletting or agreeing a surrender. Given current market conditions, a surrender is unlikely to be an option. An assignment of the lease will depend on local demand, and the rent being at a reasonable level. If the property is over-rented, then underletting will be the principle option. In any case, instructing an experienced property agent at an early stage will be essential.

If matters are at real crisis point, with missed rent payments, you should try to speak to the landlord or managing agent at the earliest opportunity. In the current market, a landlord is more likely to be amenable, rather than terminate the lease and have to remarket the property at a potentially lower rent. But bear in mind that terminations is not the landlord’s only remedy for unpaid rent – distrainingagainst goods on the premises is another option, and can be very disruptive to business.

If your business has entered into an insolvency procedure, the remedies available to the landlord are reduced, so it is in a landlords interest to try and assist with a rescue package.

for further information, contact:Name Rob ChapmanTel 01722 426917Email [email protected]

how we can help

Our Commercial Property Team has many years of experience in advising on all aspects of property transactions, including freehold and leasehold acquisitions and disposals, funding and development work. We also have a specialist property litigation team, who are able to give expert advice on matters such as landlord and tenant disputes.

Rob Chapman and Dominic Beeton are partners in the Commercial Property Team, and both have particular experience of the business recovery field. They have many years of experience in acting for some of the market leading Insolvency Practitioners, giving them invaluable insight into the ways that property can be used as part of a business rescue strategy.

we can help with:- Secured lending work - The purchase and disposal of

commercial property for investment - Development work for residential and

commercial developers - General property portfolio matters

including landlord and tenant matters

TRETHOWANSSOLICITORS

property – an asset or a liability?

arrangements to reduce the burden on your business, or even to generate capital?

The first question is whether the business has any freehold assets. Most occupy leasehold properties, but a few still have freehold assets with cash-raising potential. Chances are, if the business is experiencing difficulties, the property will already be used as security for bank loans, but if there is equity left in the property, there is still the possibility of doing a “sale and lease-back”, i.e. selling the property to an investor with the benefit of a lease to your business. Also consider whether your premises may have any potential for development for an alternative use (thereby raising its value). Admittedly the development market is now virtually at a standstill, but that will change over time.

For leasehold properties, the emphasis is on reducing your liabilities. If you have vacant premises, there is the added blow that void rating relief is no longer available in most cases. Even if you don’t have vacant property, downsizing to cut your rent may be a tempting option, but

For most businesses, property is a fact of life. Are there ways you can restructure your property

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the whole package – bringing all our services together to help a client

The administrators instructed us to make the necessary filings for the administration and we both liaised with the Company’s bank to get their consent.

The sole director was over 60 and decided to retire a little earlier than planned. A group of existing staff expressed an interest in keeping the business going if possible. They formed a ‘phoenix’ company and, after the assets were formally valued, a pre-pack sale from the Company to the new phoenix was arranged.

Some of the Company’s staff had to be made redundant but the phoenix company identified a few key employees that it required. Our employment team advised the administrators on compliance with the law known as “TUPE” in respect of the transfer of their employment.

The Company leased its business premises, the landlord in fact being the Company’s sole director, who wanted to retain the freehold as a pension investment. Our property team dealt with the assignment of the Company’s lease to the phoenix company.

However, investigations by the administrators subsequent to their appointment revealed that there had been

A firm of insolvency practitioners with whom we work closely, contacted us as they had arranged a meeting with the sole director of a toy manufacturing business that was experiencing a downtown in sales volume. The business also had a key supplier who was owed a substantial sum of money, which the director was uncertain as to how he could pay, along with all the other overheads of the business.

The initial conversation had led the insolvency practitioner to suspect that administration would be the best way forward, hence him contacting us.

This proved to be the case: the business had one successful product line and, when properly analysed, several other activities of the business were loss making. The insolvency practitioner concluded that, rather than trying to continue to trade, it would be best for the Company and its creditors if the valuable assets were sold off and the Company’s affairs then wound up.

We were instructed to confirm that the Company had good title to the intellectual property rights (IP) inherent in the successful product, which our IP team were able to do.

arrears of rent from the Company to the landlord/director, but shortly before contact had been made with the insolvency practitioner, a substantial sum was paid by the Company to the director to bring the arrears up to date. As the business was insolvent at this point and payment was made to a connected party, this payment was a “preference” for the purposes of the insolvency legislation. The administrators instructed us to demand a repayment by the director, of the sum he had received from the Company, so that that all the funds of the Company could be distributed equally and fairly between all of its creditors.

We were successful in so doing, and one of the creditors who received more pence in the pound than it had done originally was also one of the suppliers of the phoenix company, which naturally created a better working relationship between those parties.

The management team behind the phoenix company were impressed by our speed and efficiency; once the administration was completed there was no longer any conflict of interest in us advising them, and we were engaged to draft new terms of trading, to review their contracts of employment and to help them collect their debts.

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legal solutions

what our business clients say about us

For many years Trethowans have provided litigation support to Endsleigh Insurance Services Ltd. Over this time, Trethowans have continued to impress us with very high levels of service, support and professionalism. They provide an extremely efficient service to ensure that our cases are handled cost effectively. More than anything, we value Trethowans clear understanding of our business and commercial interests.

Paul Garrett, Claims Controller, Endsleigh Insurance Services Ltd

The advice provided has always been practical and they have worked alongside us to meet our overall commercial aims and objectives. The team is in regular contact with us and always reacts quickly and professionally to any situation, even when given short notice.

Caroline Beel, Central Development & Licensing Manager, Ladbrokes

The experience of having such a team upon which to rely gives us the confidence to both recommend the service to others and for us to continue the relationship.

Andrew Stevens, Group Company Secretary, Corbett Group Ltd

We have been delighted with our decision to use Simon Rhodes and the Employment Team at Trethowans for our employment advice. Simon has been invaluable, understanding our business needs and giving excellent advice accordingly. He has the ability to take a difficult situation and simplify it, helping to set out a step by step action plan – in an increasingly complex legal area, Simon is a breath of fresh air! If Simon is not available, he has a great team supporting him who are always on hand to help.

Nikki McGhie, HR Manager, Bendicks of Mayfair

Trethowans have provided legal services to Saint-Gobain (including Jewson) for many years. We have built up a firm business relationship over that period and know we can rely on Trethowans to do their utmost to protect our commercial interests. They are both friendly and helpful, providing a first class service

Denis Wellfare, Transport Director, Saint Gobain Group

what the guides to the legal profession say about us

There are two independent guides to the legal profession in the UK who research and produce directories about the UK legal profession. Their listings are highly sought after and represent a true accolade to the firms, teams and individuals who receive a rating and a mention. The two bodies are Chambers and Partners and Legal 500.

Trethowans is delighted to have received a number of mentions in both Chambers and Legal 500.

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YOUR BUSINESS SURVIVAL KIT

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This leaflet is not intended to be a replacement for detailed legal advice. To the extent permitted by law, Trethowans will not be liable by reason of breach of contract, negligence or otherwise, for any loss or consequential loss occasioned to any person acting, omitting to act, or refraining from acting in reliance upon this material, or arising from or connected with any error or omission in this material. Consequential loss means any loss of anticipated profits, damage to reputation or goodwill, loss of expected future business, damages, costs or expenses payable to any third party or any other indirect losses. The copyright in this material belongs to Trethowans and it may not be reproduced in any form (in whole or in part) without the prior permission of Trethowans.

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