The UK Focus on Brexit: Prettys’ Senior Partner, Ian Waine, explains how Brexit has affected business

As the debate rumbles on and the deadline for leaving the European Union creeps every closer, many of us are still unsure about what Brexit will really mean for businesses and the country.

 

But despite the mood of uncertainty, many business owners are seeing a post-Brexit future as a great opportunity, according to Ian Waine, a senior partner and head of corporate and commercial law at Ipswich-based law firm Prettys.

 

The firm has been busy helping clients navigate through the minefield of information coming through as we gear up for the UK’s scheduled exit date of March 29^th. Here, Ian tells us about the types of queries and concerns his team has been dealing with…

 

“Across the board it’s understandably a mixed picture but we do have a number of clients who are viewing Brexit as an opportunity rather than a hurdle,” he said.

 

“For example, one client is actively investing heavily into a range of strategic purchases because they perceive that Brexit will bring significant opportunities to them as a leader in their industry.   

 

“What we are not seeing is a significant downturn in activity compared to normal.”

 

Among the concerns being raised by businesses is about the status of overseas nationals who work for them, as well as how leaving the EU will impact on the way overseas buyers will operate in the UK.

 

“Despite the uncertainty for many overseas businesses, the idea of having an operational base in the UK remains attractive for many,” said Ian.  “We are still seeing a level of corporate finance activity around overseas companies investing in the UK. And we are still seeing interest in UK SMEs from overseas buyers as March 29^th approaches.”

 

But he added: “The number of overseas buyers who we or our clients are involved with has lessened as we get nearer the date of Brexit and there have been a number of reported instances of overseas owners closing or cutting down their operations in the UK.

 

“The difference between the two approaches seems to be that those who are buying are getting involved in companies which make and sell their goods or provide their services in the UK, whereas those who are rationalising will often have their UK operations as part of a multi-national operation.

 

 “Although there will be some restrictions, it is important to note that the UK Parliament is working hard to put in place measures to ensure, from a legal point of view, that there will be business continuity post-Brexit.

 

“We are expecting an increase in clients seeking advice post-Brexit, particularly if there is a no-deal Brexit.”

 

And he concluded: “There is a lot going on at the moment with the aim of ensuring that no matter what happens, our exit from the EU will not create large legal gaps or shocks.”

 

As well as providing commercial business services to clients, Prettys has expertise in a wide range of other areas, such as data protection, employment law, family law and much more.

 

For more information on the commercial business services provided by Prettys, get in touch with Ian Waine by calling 01473 298223 or email iwaine@prettys.co.uk