Indre brings extensive experience advising banks, alternative lenders, and funders on a wide range of domestic and cross-border financing transactions.
Her experience spans real estate investment and acquisition finance, lender participations, and co-funding arrangements across a wide range of asset classes, including residential and commercial developments, student accommodation, retail, office spaces, and mixed-use schemes.
With a deep understanding of lender priorities and a highly commercial approach, Indre is recognised as a trusted advisor in the real estate finance sector. At Lawrence Stephens, Indre will play a key role in supporting the continued growth of our rapidly expanding Real Estate Finance team and will strengthen our capabilities across complex funding structures.
Ann Ebberson, Director and Head of Real Estate Finance, commented:
“We are thrilled to welcome Indre to the team. It is an exciting time for our team as we continue to grow through strategic appointments such as this. Indre brings an impressive track record that will allow us to continue to progress matters swiftly and provide lenders with commercial advice and recommendations. We look forward to the impact that her insight and sector expertise will have for our valued clients.”
You can read more about the Real Estate Finance team here.
Lawrence Stephens is a London based firm but has many international clients and a large number of our assignments have an international component.
To support our growth in this area, we are pleased to announce that Gregory Palos has been appointed as Head of International, alongside his existing role as Head of Financial Institutions.
In this role, Gregory will assist and provide direction to our International Desk Heads in their roles, and to help guide the evolution of our international strategy over time.
We established six regional desks in early 2025, coordinated though Desk Heads who have language skills and an understanding of the cultural, social and business environment in these jurisdictions. Read an overview of our International services here.
Gregory was also recently elected as President of the European Lawyers Group, a formal network of 17 European law firms. Gregory has Cypriot heritage and his extensive business and legal experience enables provides the network with effective leadership, guidance and support.
Lawrence Stephens has been a member of this network for some years and Gregory has been tasked with developing the relationship and professional development programme between these firms, as well as recruiting new members in new jurisdictions. Please see their website for more details: https://european-lawyers-group.eu/
You can read the full article as published on Thomson Reuters below.
As traditional finance houses seek to diversify and enter the decentralised world (bitcoin’s value increased by 132% over the last five years), the obvious risks are less technical and more human.
Senior boards are hiring staff whose job specifications are sometimes not fully understood or wildly unfamiliar. Crypto traders often possess specific knowledge that is not widely shared across an organisation, posing a significant risk to business operations.
Little exemplifies this pattern more than a recent UK High Court case (held in private) brought by a London hedge fund that found more than 1.9 million USDC (a stablecoin called Circle, whose value is pegged to the U.S. dollar) drained from their trading account. They had no idea how this happened, no clear leads and no technical vulnerabilities.
This article deals with how lawyers, investigators and blockchain forensic firms helped recover most of the funds within nine working days from being instructed through to recovery, and how the most “nuclear” of legal tools can be used to secure fast and substantial results.
Tracing stablecoins and the smoking gun
The approximately 1.9 million USDC drained was traced by Token Recovery, a blockchain forensics firm that confirmed the funds were consolidated into a single address and remained there for several days. From experience, in the event of a theft, funds are quickly laundered via tumblers and put out of reach by a process known as “smurfing,” whereby large sums of money are broken down into smaller transactions to remain undetected by anti-money laundering protocols and to frustrate tracing. The fact that this money remained in one place for several days indicated that the threat actor was likely unsophisticated and opportunistic.
It was suggested that the hedge fund conduct an internal investigation to determine whether any suspicious staff or activity indicated that the theft was an inside job.
The hedge fund found that one employee, a software engineer (“Mark”), had recently resigned, and according to access logs, took a particular interest in the targeted wallets on the day of the theft.
In response to certain behaviours during employment, the hedge fund had implemented human-resources-led monitoring software on his profile, which took a screenshot of his computer every few seconds, creating a video of his activities. The software had largely been forgotten, but was now vital evidence, given the direction of blockchain forensics.
The video showed that Mark:
Reviewed the balances of the hedge fund’s crypto trading accounts.
Logged into the relevant servers which ran the trading engines.
Initiated memory dumps of those engines and copied them to his local system.
Loaded the files into a debugger and immediately navigated to the relevant private keys, which gave any holder the ability to withdraw funds from the relevant account.
Then, moments later, searched Google for “Metamask” (cryptocurrency wallet management software) and “what is a Polygon wallet,” suggesting he intended to trade the funds on the Polygon market.
In all, this was key evidence, given there was no genuine reason for Mark to navigate to the private keys. It may have taken longer to consider this evidence without the forensics and laundering patterns.
Law enforcement
The incident was reported to police on several occasions, and a crime reference number was provided, to be handled by Action Fraud, a triaging service for law enforcement.
From the pace and manner following reporting, the hedge fund instructed its lawyers, law firm Lawrence Stephens Limited, of which the author is a partner, to make a move more quickly, given the evidence at hand. This is the timeline’s first working day.
Urgent injunctions, nuclear options
On the second working day, the hedge fund and its legal team appeared in the High Court on an urgent basis, seeking highly intrusive court orders.
The first was a proprietary injunction (an order to do or not do something with specific property or its traceable proceeds) over the approximately 1.9 million USDC, which in the meantime had started moving and was being laundered more professionally.
The second was a worldwide freezing injunction over Mark’s assets over £1,000 in value and up to $1.9 million (approximately £1.5 million) in total, preventing him from moving assets or money, except for his capped living expenses, without being in contempt of court.
The third was a search and imaging order (also known as an “Anton Piller”[1] order), which allowed the legal team to search Mark’s premises for relevant documents and electronic devices, gain access to relevant accounts, compel the delivery of information and hardware and image the contents of those devices.
This would ensure that critical evidence could be searched for, seized, recorded and preserved for future use. In short, it prevented Mark from destroying evidence that could potentially prove his liability and reveal to the hedge fund what happened to its stolen USDC.
Anton Piller orders are rare, granted by the courts in limited circumstances and widely viewed as the civil court’s “nuclear option.”There must be an extremely strong prima facie case to persuade the court to make such an order, and the court appoints a supervising solicitor to safeguard a defendant’s interests during the search.
The hearing was on an “ex parte” (without notice) basis, meaning Mark had no knowledge that this was happening. The court issued the orders that night. A private investigator was then hired to follow Mark’s movements and monitor his home.
Working day three was spent preparing documents for service and instructing forensic imaging experts (JS Held) who would image devices, and the supervising solicitors.
Home entry
Execution of the search was planned for working day four, a Friday. Service of documents was limited to between 0930 and 1400. There was always a risk that Mark might not be at home, that he (or any cohabitant) might refuse to open the door, or that he might jump out of the window and run away. In any of those cases, a new court order would likely be required. Had he wilfully refused to open the door, he would have been in contempt of court.
The investigator confirmed that Mark was seen entering the house the night before, and there was no evidence that he had left. The supervising solicitors knocked just after 0930 and woke the house. A relative opened the front door, shortly followed by Mark, who thought it was an Amazon delivery.
Mark was immediately served with the Anton Piller order. He had two hours to seek legal advice before the search party entered and was immediately required to hand over his mobile phone and other relevant electronic devices. He was not to be left out of sight for the day.
Search party
Two hours later, the legal team search party was allowed in. There was no protestation or outward denial of wrongdoing, and Mark granted access to the search party. The incumbents’ movements were monitored carefully to mitigate the risk of Mark destroying key documents or dissipating his assets. As the funds are digital, any internet access is high-risk, and 30 seconds locked in a toilet is enough time to put the USDC or other assets out of reach. As ordered by the judge, his phone was imaged on site and returned without delay.
All relevant electronic items were secured, including mobile phones, a PlayStation5, USB sticks, memory cards and a gaming computer. Physical reviews of paper, including receipts and pages of old cheque books, might reveal seed phrases (a collection of innocuous words, which, when input, give access to a crypto wallet) or private keys.
Mark was required to give the forensic imaging team access to all relevant accounts, including financial and crypto trading accounts. He maintained various cryptocurrency accounts with several providers and also held an account for Monero, a privacy-focused cryptocurrency designed to make tracing difficult.
The search lasted until around 1730, a time deemed reasonable to avoid unnecessary intrusion. The next two days were a weekend.
Freezing order
Mark was also served with the worldwide freezing and proprietary orders on the search day. Although he could technically move funds and dissipate assets, if it were found that he had done so after service, he would have been in contempt of court (a criminal offence). The power of that deterrent may have been reinforced by his mother, who happened to be a lawyer. Non-compliance, in his mind, may be outweighed by the value of the assets.
The freezing order also required him to detail all worldwide assets worth more than £1,000 on working day nine. This is vital. If he had the stolen funds or any proceeds, he must disclose them — unless, in limited circumstances, they are incriminating — or face contempt of court.
Settlement negotiations
Settlement offers yield quick results, especially when court hearings are imminent and pressure is greatest. As the first hearing was ex parte, the process required a further hearing two weeks later to allow Mark, the respondent, to seek to amend, discharge or agree to continue the orders. This is called a “return date” and is for the benefit of the respondent following ex parte hearings.
Mark’s lawyers made various attempts to settle. However, on working day nine, no agreement had been reached, and Mark was required to disclose his assets by 1730.
This was the overwhelming pressure point for settlement, because without a deal, Mark would now have to disclose his assets.
Eventually, Mark offered to agree to stay proceedings and discharge the orders, after which he would send more than 1.5 million USDC to the hedge fund directly, on a peer-to-peer basis.
Since trust was low, the preferred mechanism was inverse, such that the parties would agree that, upon receipt of Mark’s funds, the hedge fund’s lawyers irrevocably undertook to file a consent order (agreed by the parties) to stay proceedings and discharge the orders, subject to a short contract detailing terms. Mark was to send the funds in two stages, one dollar first, then the balance, to ensure transaction integrity.
The hedge fund made a take-it-or-leave-it offer: recover the money first, or Mark discloses and the parties proceed to litigation, knowing he had more than 1.5 million USDC that could be paid into the court as security during the proceedings. Mark took the deal.
Peer-to-peer settlement
This was a pure peer-to-peer settlement. The respective lawyers did not hold nor were they in any way in control of the flow of funds. On a call, Mark sent the first dollar, which the hedge fund received. Notably, the sending address was now identifiable, given that the transaction took place, and the hedge fund conducted a cursory review of the address.
Mark then paid the balance directly to the hedge fund.
Upon receipt, the consent order was filed, and proceedings were stayed. This was working day nine.
Decisive action
Understanding blockchain analytics helped to identify Mark, where there were no other obvious targets in the aftermath of an emergency. Convincing evidence of wrongdoing led to draconian injunctions and the Anton Piller order, which put enormous pressure on Mark. The settlement offer resulted in Mark’s disclosure of approximately 1.5 million USDC, which was the determining factor.
Within nine business days, the hedge fund’s team had changed the position from a complete unknown to obtaining more than 80% of the value of lost USDC, the hedge fund being satisfied that the balance had been dissipated and/or not worth the cost to pursue.
Often, published court proceedings involving lost cryptocurrency have yielded less-than-satisfactory results for victims. Accordingly, it is important to share success stories and show that recovery is real when the facts align and the analytics are well understood.
[1] Anton Piller KG v Manufacturing Processes Ltd [1976] Ch. 55
This edition is packed with insights and ideas for the year ahead. From decoding the UK Government’s SME Growth Strategy to understanding the realities of rent reviews, we’ve got practical guidance for businesses ready to scale. We also dive into topics that spark conversation, from why pre-nups are smart business planning to the rise of Hyrox and what it teaches us about building global communities. We’re proud to feature voices from across the entrepreneurial landscape, including Jonny Grubin of SoPost on beauty-tech trends and Ansor on what makes the perfect acquisition target. Plus, we tackle issues that matter now: cybersecurity at board level, festive season etiquette, and the latest on director verification requirements.
Our goal remains the same: to equip you with clarity and confidence in a fast-changing world. The Fineprint exists to help you navigate complexity, challenge convention, and uncover opportunities where others might not look. If this edition sparks ideas or questions, we’d love to hear from you. Feedback is always welcome.
In August, the UK Government published the SME Growth Strategy, a crucial policy outlining reforms to drive growth and innovation across the SME sector. Harshita Samani explains how businesses can interpret and implement the reforms to position themselves effectively to thrive as the strategy unfolds, including a checklist of what you should consider.
SAVE THE DATE: Clicks to Bricks: The Journey from URL to IRL
OnThursday 26 February 2026we’re bringing ambitious brands, scale‑ups, and Flourish friends together for an evening in London of networking and insight. We’ll dive into three key themes with seasoned professionals:
Getting Noticed – Building campaigns that make retailers take you seriously.
Getting Stocked – A founder’s story of landing shelves at Boots and Harrods.
Getting Keys – Knowing when to move from online to bricks‑and‑mortar stores.
With Swift’s billion-dollar empire built on music, branding and intellectual property, a prenup isn’t just smart, its essential. Similarly for business owners and founders, a prenup can protect everything that you’ve built. Annabel Andreou unpacks exactly what a prenup is, debunks common myths, and shares practical tips for business owners.
When Jaguar Land Rover was hit by a cyberattack production lines stopped. And the cost? A staggering £485 million. High-profile cyberattacks like JLR dominate headlines, but the reality is that breaches aren’t just a big business problem. Dominic Holden breaks down the practical steps that every business leader should take to prepare.
We partnered with our long-standing client Ansor, a professional investment business, to uncover what they look for when investing in SMEs and what founders should consider to prepare their business for the next stage of growth.
Have you just had an exit event? Lawrence Stephens has launched LS Private, a multi-family office platform for entrepreneurs and wealth creators. Led by John Russo, LS Private offers governance, oversight, and operational support to protect capital, simplify decisions, and align advisers and assets—delivering stronger structures and swift solutions for complex issues. If you have any questions on LS Private, please contact Alanah Lenten.
Have you seen the Autumn Budget’s impact on founders? From rising employment costs and frozen tax thresholds to new opportunities with EMI and EIS, Leigh Sayliss breaks down what every owner-managed business needs to know. Discover the changes, challenges, and silver linings.
Lawrence Stephens Announces the Launch of Flourish: Legal Advice for Start-Ups
We know the early years of a business can be the most challenging and the most exciting.
That’s why we’ve launched Flourish, our tailored legal support programme exclusively for early-stage, UK businesses. Flourish offers:
Fixed-price legal support
Significant discounts on our standard fees for two years
Quarterly sessions with a legal mentor
Access to our events and community of founders, funders, and advisors
In a move designed to support small businesses and revitalise high streets, upward-only rent reviews are now banned in new commercial leases in the UK. Louisa Hartley and Sophia Dixon explain what this means for your next lease and provide key tips on how to negotiate.
Missteps witnessed by clients, colleagues, or cameras out-of-hours can very quickly become your businesses’ problem – we all saw what resulted from the Coldplay kiss cam. Emma Cocker explains what employers need to know, covering when disciplinary action is justified, to how to set clear expectations for your team.
HYROX launched as an ambitious idea between two fitness enthusiasts. Today, it’s a global fitness phenomenon. HYROX represents a masterclass in legal, logistical, and commercial strategy, and its rise offers lessons every entrepreneur can learn from. Andy Wallis tells HYROX’s story and breaks down takeaways for business leaders.
Beauty is a £30.4 billion industry—and it’s evolving fast. Charlotte Hamilton joined Jonathan Grubin, CEO of SoPost—a UK leader in digital product sampling campaigns—to explore the latest beauty trends. Jonny shared what’s trending in the beauty industry, and we examined the legal and commercial considerations behind these developments.
No, we haven’t lost the plot, beauty is big business, £30.4 billion big. And few know that better than Jonathan Grubin, founder of SoPost, the UK leader in digital campaigns for product sampling. SoPost helps brands reach the right people in the right places with sampling experiences that drive awareness, conversion, and high-quality engagement. They work with household names, so when Jonny talks trends, we listen.
The beauty and wellness industry is evolving and scaling fast, think sleep-focused campaigns, TikTok Shop dominance, and cross-border acquisitions. But behind the glitter and gloss lies a legal layer every entrepreneur in this space needs to understand to keep this billion-pound industry thriving.
Jonathan Grubin shared what is trending, and Charlotte Hamilton, Associate in Corporate and Commercial, explained what it means for your business along with the legal position that we advise our clients in this space not to ignore.
Trend 1: Leaning into Sleep
Today, the elevation of sleep has moved from a basic necessity to the “ultimate luxury” and a status symbol. This is driven by an increasing understanding of sleep’s vital role in physical appearance and overall well-being and brands are ‘waking-up’ to this market opportunity for example, Estée Lauder’s “Beauty Sleep Dupe” campaign for Advanced Night Repair Serum or Kourtney Kardashian’s wellness brand releasing ‘Lemme Sleep’.
Legal Insight: Whilst we’d all love a miracle product to grant us more sleep, health-related claims must be substantiated under UK ASA guidelines and EU advertising law. Where the Americans may get away with it, Misleading claims in the UK and EU can lead to fines and reputational damage.
Tip: Businesses must always keep evidence for any wellness or performance claims and navigate the use of the language they use to either avoid claiming what they can’t prove or have the receipts to back it up.
Trend 2: TikTok Shop Outpaces Sephora
TikTok Shop goes beyond selling, it’s starting to rewrite the beauty playbook. Its social-first shopping experience blends content and commerce so seamlessly that viral trends turn into instant sales. Lower-cost marketing gives small brands a fighting chance, while “motion creators” showcase products in ways that make you feel the texture, the glow, the result, right through your screen.
Meanwhile, Sephora leans on tradition: brand loyalty and in-store experiences. But TikTok’s impulse-driven model is winning, especially with younger shoppers who want discovery, not routine.
Legal Insight: Selling through social platforms brings its own challenges. It often means navigating consumer protection laws designed to ensure fair treatment, prevent misleading advertising, ban aggressive sales tactics, and guarantee that products are safe and services meet acceptable standards. The Competition and Markets Authority (CMA) continues to update and refine these rules. On top of that, GDPR compliance is critical, and Tik Tok makes it clear that sellers are responsible for ensuring they meet all requirements.
Tip: Ensure data handling meets the ever evolving UK/EU standards.
Trend 3: US Powerhouses Enter UK Market
US beauty powerhouses like Ulta Beauty and Sephora have entered the UK market by acquiring established local retailers, including Ulta’s acquisition of Space NK and Sephora’s acquisition of Feelunique. This strategy allows them to bypass the challenges of building from scratch and gain immediate access to a loyal customer base, a strong retail presence, and crucial market knowledge.
Legal Insight: This means fierce competition in the UK as these US powerhouses are now backing existing UK businesses, circumventing any set up challenges. We think this gives our clients all the more reason to make sure that they are set up properly. Consider the status of your IP, contracts, employment and regulatory compliance.
Tip: Make sure your IP, workforce, practices and contracts are in order early so that litigation is not what holds you back.
Trend 4: The consumer no longer trusts you
Consumer trust is at an all-time low, and it’s important that beauty businesses weave authenticity, community and trial into their marketing to gain trust and create a loyal consumer base.
Legal Insight: Consumer trust is fragile, the Advertising Standards Authority (ASA) are cracking down on misleading ads and influencer non-disclosure to combat this. Influencer disclosure rules are increasingly important to consider, they require that content creators clearly and conspicuously disclose any “material connection” to a brand – Grace Beverly of TALA was hit pretty hard by this one.
Tip: Authenticity wins. Get your influencer agreements drafted with clear disclosure obligations, build authenticity through compliant campaigns and community-driven engagement. It’s good ethics and good business.
Bottom line :
Legal foresight can act as a competitive advantage. Whether you’re launching a product, scaling via social commerce, or eyeing acquisitions, understanding the legal landscape keeps your brand thriving and out of costly trouble.
Contact Jonathan Grubin to see how SoPost can ensure your campaign success and if you want more detail on what considerations your business should consider contact Charlotte Hamilton.
Lawrence Stephens’ Corporate team is pleased to announce the successful completion of the sale by the shareholders of IBL Lighting (UK) and the businesses in Hong Kong and China to Inovara Group, a platform company of Ambienta SGR.
This transaction demonstrates Lawrence Stephens’ expertise in managing complex, multi-jurisdictional deals.
IBL Lighting, a UK-originated specialist in architectural LED lighting, has established a strong global presence with regional offices in Hong Kong and distribution capabilities in China. Renowned for delivering innovative lighting solutions, the company serves prestigious projects across Asia, the Middle East, Europe, Australia, and beyond.
The acquisition by Inovara Group strengthens IBL Lighting’s international reach and positions the business for continued growth in the global lighting market.
The deal was led by Jeff Rubenstein and supported by James Lyons, Harshita Samani, Lucy Cadley and Avni Patel. The transaction involved our liaising with stakeholders across Australia, Hong Kong, China, the Philippines, the UK, and the USA, with Lawrence Stephens coordinating closely with overseas counsel in Hong Kong and China to ensure a seamless process.
Commenting on the transaction, Simon Weller, who represented the sellers, said:
“Working with Lawrence Stephens was an exceptional experience. From the outset, their team demonstrated a deep understanding of the complexities involved in an international transaction. Their ability and flexibility in coordinating across multiple jurisdictions and managing diverse stakeholders was invaluable in bringing this deal to a successful close. I would highly recommend Lawrence Stephens to anyone seeking expert legal advice on cross-border transactions.”
Jeff Rubenstein, Head of Corporate and Commercial at Lawrence Stephens, added:
“This transaction truly showcased the strength of our team in managing cross-border complexities. With parties and advisors spread across five countries, seamless communication and collaboration were critical. We are proud to have delivered a successful outcome for our client and look forward to supporting more businesses with international ambitions.”
Lawrence Stephens is proud to have supported the shareholders of IBL Lighting in this significant milestone and remains committed to helping clients achieve their strategic goals across borders.
Before winning the 2024 election, Rachel Reeves told the Times:
“If I become chancellor, the next Labour government is going to be the most pro-business government this country has ever seen.”
Fast forward to today. After last year’s unexpected hikes to the minimum wage and employer NICs, many owner-managed businesses (OMBs), SMEs and founders were hoping for relief in the Autumn Budget.
In the end, the Chancellor delivered a raft of small tax changes, rather than any big tax increases. But despite no increases in business taxes and a small concession on inheritance tax, it seems that the Budget offered few reasons to be cheerful:
Income Tax: The Slow Burn
There were no changes to headline rates, but the freeze on thresholds has been extended from 2028 to 2031. On paper, that sounds benign. In practice, as wages rise, more employees will drift into higher tax bands, a phenomenon known as fiscal drag. For OMBs, this means employees’ net pay will shrink over time, potentially denting morale and prompting calls for higher pay rises to offset higher tax deductions.
Businesses competing for skilled staff may may find themselves under pressure to offer higher gross salaries or enhanced benefits to remain attractive adding to payroll costs and squeezing margins.
This is not an immediate crisis, but it is a slow-moving challenge that founders should start planning for now.
Looking After Your Employees
The most tangible impact comes from employment costs and this is mainly bad news.
From April 2026, the National Living Wage will rise to £12.71 per hour for those over 21, while 18–20-year-olds will see an 8.5% increase to £10.85 per hour. For a full-time employee over 21, that equates to an annual salary of £24,784, around £900 more than today.
For sectors with younger workforces, such as hospitality, retail and care this will translate into significant payroll increases.
In the longer term, from April 2029, employers and employees will pay NIC on any pension contributions made via salary sacrifice above £2,000.
This change reduces flexibility in company benefits design and will require careful communication to staff. Employers who have historically passed NIC savings back to employees will need to revisit contracts and consult on changes, adding administrative burden to payroll teams.
A Few Silver Linings
Not all the news is bad.
The Enterprise management Incentives (EMI) scheme will also become more generous from April 2026. Although the size of awards that can be given to individuals will not change, the size of company that will be eligible to grant awards, and the total value of awards that can be granted, will increase significantly, opening the door for later-stage and capital-intensive businesses to offer EMI options.
The implications for OMBs are that many scale-ups and later-stage growth businesses that previously failed the EMI tests (due to size or assets) can now qualify.
For founders, EMI options provide their business with a powerful tool to attract and retain talent, giving a critical advantage in a competitive labour market. EMI options allow companies to reward key employees in the most tax efficient manner without draining valuable cash resources that are better used in growing the business.
Reeves also announced that from April 2026 SMEs will receive free training for apprentices under 25 as part of an £820m “youth guarantee” programme. This removes co-investment costs for some training and presents a major opportunity for SMEs to offset wage increases by investing in skills development. For businesses thinking long-term, apprenticeships could become a cornerstone of talent strategy.
Tax on Dividends and Passive Income
For founders who rely on dividends, or on interest on loans they have made to their businesses, the Budget brings unwelcome news. From April 2026 dividend income will attract an additional 2% tax at both basic and higher rates. A similar 2% surcharge will apply to savings and property income from April 2027.
These changes erode tax efficiency for remuneration and investment returns, meaning OMBs should revisit their tax planning sooner rather than later.
Growth Capital: EIS Up, VCT Down
There is good news for businesses seeking growth funding. From April 2026, the limits for companies to qualify for Enterprise Investment Scheme (EIS) will double, giving scale-ups and later-stage businesses greater access to capital. However, the tax relief on Venture Capital Trusts (VCTs) will fall from 30% to 20%, which may dampen investor appetite for VCTs and redirect capital toward EIS opportunities. Knowledge-intensive businesses such as tech, biotech and R&D-heavy ventures stand to benefit most. SMEs should anticipate stronger demand for EIS-qualifying opportunities and position themselves accordingly.
Succession planning
The Budget announced a modest concession to the changes in inheritance tax rules where businesses are passed on to the next generation. In the 2024 Autumn Budget, it was announced that, from April 2026, full relief from inheritance tax would only apply to the first £1m of value – above that, inheritance tax would effectively be charged at 20%. As a modest concession, this Budget announced that the £1m threshold could be passed between spouses and civil partners, potentially doubling the inheritance tax threshold for a family business.
Instead of passing on a business to family, selling the business to the employees, through an Employee Ownership Trust has been a tax-efficient succession route, offering 100% CGT relief on disposals, That relief is now halved. Sellers will pay CGT on half the gain immediately, with the other half deferred until trustees dispose of the shares. While EOTs still preserve culture and independence, the financial incentive is weaker, and some founders may now consider private equity or trade sales more seriously.
Business rates: Targeted Support
Finally business rates will be updated from 1 April 2026, to reflect property values since 2023, pushing most bills higher. To soften the blow, the Government announced a £4.3bn support package for retail, hospitality and leisure businesses, including permanently lower business rates multipliers eligible RHL properties with rateable values below £500,000. Over 750,000 properties are expected to benefit, but businesses should check eligibility and factor this into location planning.
Key Takeaways
Employment costs are rising Minimum wage increases and NIC changes will squeeze margins.
Tax efficiency is eroding Dividend and passive income taxes increase from 2026–27.
Growth opportunities exist EIS limits double, EMI expands, and apprenticeships become free for SMEs.
Exit strategies need review EOTs lose full CGT relief, making PE and trade sales more attractive.
Compliance matters Frozen tax thresholds and business rate changes require proactive planning.
Thinking about what’s next for your fast-growth business? For many founders, “selling up” sounds like throwing in the towel. But in the right hands, it’s the start of something bigger.
We’ve teamed up with our long-standing client, Ansor, a professional investment business that has a proven track record of successfully buying ambitious SMEs in the UK (and overseas) to develop them into market-leading businesses through their buy-and-build strategy.
We asked Ansor what they look for when choosing SMEs to join their growth journey. They came back with five key characteristics that make a business stand-out to them and what you could consider as you grow your business.
SMEsOperating in Fragmented Sectors with Strong Tailwinds
Ansor’s sweet spot is focusing on sectors where the market is fragmented and ripe for consolidation. They look for room to scale through organic growth and acquire the best of the existing businesses to bring together a true market leader. Their sector coverage is across but not limited to healthcare, business services, specialist manufacturing and technical services to the built environment – all sectors supported by demand trends and persistent, macro-level forces that support growth for the long-term.
Therefore, if you’re in a niche with lots of small players and strong demand, you could be sitting on a goldmine. Scale is the name of the game.
Excellent Culture and Values
Businesses with a clear sense of purpose and strong internal culture stand out. Ansor looks for companies whose values align with theirs; businesses that are committed to building something enduring. Ansor recognises that culture and values help build and maintain high performing teams.
Your culture isn’t just an HR buzzword. It’s a growth asset. Document it, live it, and make sure it shines through.
Ambitious Management Teams with Clear Succession Pathways
People are at the heart of every successful business. Whether it’s a founder-led company with leadership ready to continue the journey, or a business where the owners are preparing for succession, Ansor partner with teams that are open to collaboration and growth. For those retiring, Ansor bring the support and structure needed to build out leadership, promote from within and ensure continuity. For those who are just getting started, Ansor are supportive and encouraging to help scale the business. It’s a team sport. What is good for the leadership team is good for everyone.
If you’re thinking about stepping back, plan early. If you’re gearing up for growth, show you’ve got the right team and the right mindset.
Strong Underlying Profitability and Growth Potential
Ansor have discovered that there are desirable financial characteristics indicating strong fundamentals and competitive positions. These include stable and high-quality revenue streams, attractive margins, and reliable, repeatable cash flows. Beyond fundamental financial stability, they seek signs of growth – whether organic or through identifiable levers that can be unlocked together post-acquisition.
Healthy numbers matter. But so does a story about where you’re headed. Can you show both?
Value Creation Potential
Ansor’s model is to combine SMEs together to create exciting high growth, market leading businesses of the future. They are experienced in creating and executing phased integration strategies to improve and join up the thinking on key business areas such as sales and marketing, procurement, service delivery, geographic expansion and systems to provide the highest quality of data to scale up.
If you’ve got room to improve and scale, that’s opportunity knocking. Think beyond today, what could your business look like in five years with the right backing?
Ready to explore what’s next?
If you are thinking about next steps and any of the above business attributes seem familiar, why not take a look at Ansor’s current portfolio companies here: https://www.ansor.co.uk/our-companies/
Read more about the work we do with Ansor to facilitate fast-growth, scalable businesses here or to understand how we can support you please contact Ryan D’Souza.
Lawrence Stephens is delighted to have advised the owners of Aspire Independent Financial Planners LLP, Gary Plein and Jeff Maze, on the successful sale of their business to HCF Partnership Ltd.
This transaction forms part of our ongoing work in the consolidation of the Wealth management and Independent Financial Advisers (IFAs) sector, an area in which we have extensive experience and a proven track record.
Jeff Rubenstein, Head of Corporate and Commercial and lead on the transaction, commented:
“This was a particularly intricate deal, with evolving requirements and structural changes that demanded flexibility and creative solutions. Our ability to adapt and deliver under these circumstances reflects the depth of knowledge and expertise we bring to IFA consolidation transactions.”
Jeff Maze, co-owner of Aspire Independent Financial Planners LLP added:
“We were delighted to have appointed Jeff and his team at Lawrence Stephens to guide us through this once in a lifetime sale. They gave us confidence throughout a complex process. Their proactive approach and ability to navigate unexpected changes ensured that the transaction was completed smoothly and efficiently and we would be delighted to recommend them to anyone in our sector who needs their expertise.”
November was an exceptional month for Lawrence Stephens, culminating in an intense surge of activity ahead of the Chancellor’s budget announcement. Pre-budget market speculation prompted many clients to accelerate their transactions to avoid potential negative impacts. This created significant pressure on our teams to complete deals within very tight timeframes.
In the days leading up to Rachel Reeves’ announcement, our teams successfully completed transactions worth over £33 million. Notably, our Corporate and Commercial team alone closed seven transactions the day before the budget, including five acquisitions, one sale, and a share restructure, totalling in excess of £15 million. Meanwhile, the Commercial Real Estate team responded to concerns about possible capital gains tax changes by completing £16.5 million worth of deals, including the sale of two industrial investment properties and the purchase of a mixed-use building.
Jeff Rubenstein, Head of Corporate and Commercial, commented:
“I am incredibly proud of how our team rose to the challenge. We have built a department designed to thrive under pressure, and this achievement shows the strength, resilience, and expertise we bring to every transaction.”
Stephen Messias, Director in Commercial Real Estate and a Lawrence Stephens founding partner, added:
“The scale and complexity of the work completed in such a short timeframe is a testament to the capability of our team. Delivering a number of challenging transactions under these circumstances required precision, collaboration, and unwavering commitment to client objectives.”
These achievements were made possible through exceptional collaboration with all stakeholders and a relentless focus on meeting client requirements under challenging circumstances. November’s success reflects not only the strength of our expertise but also our ability to deliver outstanding results when it matters most.
Leigh Sayliss, Director and Head of Tax at Lawrence Stephens, is the chair of the Chartered Institute of Taxation’s Property Taxes Committee.
Following the budget announcement his comments were published here on the 26 November 2025.
Full text below:
New surcharge will add more complexity to property tax system
Commenting on today’s announcement of a high value council tax surcharge in England, Leigh Sayliss, chair of the Chartered Institute of Taxation’s Property Taxes Committee, said:
“This measure adds further complication to the current complex system of property taxation. There are already nine main taxes1 that you have to consider if you own property.
“Council tax is usually levied on the occupier whereas this tax will be payable by owners, including owners holding property indirectly through companies or trust structures, meaning that different people may taxed in relation to the same property.
“No tax is popular with those who have to pay it, and dry tax charges2 such as this tend to be especially unpopular.
“A key question is whether ownership of a valuable property is being treated as a proxy for ability to pay as some who will receive a bill will be ‘asset-rich, cash-poor’ pensioners.
“Just because a house has high value does not mean the owner has significant equity in the property. Longer mortgage terms have become more common. Asset-rich, cash-poor individuals who have built up a deferred mansion tax alongside a mortgage could find themselves stuck when they might have otherwise downsized. Particular attention will need to be given to deferral arrangements and the interaction with mortgages and lenders’ willingness to lend.
“Using a banding system, similar to that used for the Annual Tax on Enveloped Dwellings (ATED), will reduce the numbers of arguments on the value of properties as there will only be sensitivity where property values are close to a rate boundary. However, it should be noted that the proposal includes the same ‘double inflationary’ measure that is included in relation to the ATED – each year the rate of the tax will increase by CPI and, as property prices increase, properties will move up into higher rate bands.
“When ATED was introduced, it only affected properties valued in excess of £2m – but then the threshold was reduced to £500k. This raises the question as to whether there is a risk of a similar “scope creep” in relation to this tax, once the principle has been adopted.
“It is welcome that the government has decided to delay the implementation of the charge until 2028, and that there will be consultation on the charge early in 2026 on the details of the reliefs and exemptions, the design of an appeals system, and the deferral and support mechanisms available. From an administrative perspective, a new tax, even if notionally tagged on to council tax, needs time and resource to set up in terms of guidance, collection, appeals process, etc.”
Notes
Council tax, stamp duty land tax (land transaction tax in Wales and land and building transaction tax in Scotland), annual tax on enveloped dwellings, income tax, corporation tax, capital gains tax, inheritance tax, VAT and national insurance.
A tax liability that is payable without any money generated to pay for it.
The UK Government is shaking up commercial leasing. As part of the English Devolution and Community Empowerment Bill, Upward-Only Rent Review (UORR) clauses will be banned in new commercial leases, a move designed to support small businesses and revitalise high streets.
If you’re a business owner negotiating a lease, here’s what you need to know.
What’s Changing?
From the moment this legislation takes effect, any clause in a new or renewal lease that prevents rent from decreasing will be unenforceable. This applies whether or not the lease is contracted out of the Landlord and Tenant Act 1954.
Existing leases won’t be affected, but going forward, landlords won’t be able to lock tenants into rent levels that only go up where, at the start of the lease, that level of rent is not known and cannot be determined.
Why It Matters to You
If you’re running a business from leased premises, this is a significant shift. UORRs have long been a thorn in the side of tenants, especially independents and SMEs, who’ve found themselves stuck paying above-market rents during downturns.
This reform transfers risk from tenant to landlord, meaning landlords are likely to follow the approach outlined below. You may however have more flexibility to negotiate rent based on market conditions when agreeing a new or renewal lease.
What Landlords Might Do Next
Landlords won’t take this lying down. Expect to see:
More aggressive initial rent negotiations to offset future uncertainty.
Shorter lease terms, often contracted out of the 1954 Act, which could mean more frequent relocations or renegotiations for tenants.
Pre-agreed stepped rents, where rent increases are fixed from the outset, as these won’t be caught by the ban.
Index-linked reviews replacing upwards only open market reviews, offering predictability but potentially less room for negotiation.
Also, don’t be surprised if tenant-friendly perks like break clauses or rent-free periods become harder to secure.
What You Should Do
If you’re entering into a new lease or renewing an existing one:
Review the rent review clause carefully, make sure it allows for downward adjustments.
Consider stepped or indexed rent structures if they offer better predictability.
Negotiate hard at the outset, landlords may front-load rent to hedge against future drops.
Get advice, a good commercial property solicitor can help you navigate the new landscape.
Final Thought
This reform is a win for business owners, but it’s not without trade-offs. As the market adjusts, lease negotiations may become more complex. The key is to stay informed, negotiate smart, and structure leases that support your business’s long-term viability.
If you’d like to talk through how this change might affect your next lease negotiation, our Commercial Real Estate team is here to help.
