Should I be worried

[milly143]

A friend of mine who is in marketing recently had a meeting with a large international company. At some point in the this meeting they began discussing the company that I work for (second best in terms of turnover in the industry). At this point my friend had not mentioned he knew someone that worked for this company and the guy from the meeting advised him that a director in my company had told him if in interesting offer came along, my company would be up for sale. This worries me quite a bit as I am fairly high up here and know that a lot of things are done on the hush hush. Im really worried that the MD is going to sell up and I'll be left stranded.

[nuoyg]

milly143, what a horrible situation.  I don't really know anything to do with finances or companies so I can't give you advice sorry.  I just felt bad for you as it must be really unnerving and wanted to reply!  However, if the company you work for comes up for sale it may not neccessarily mean it's for the worst...Another company could buy it and it may make it better for all you know?  Or is that not likely?  As I say I don't really know anything to do with this so I'm not sure what to suggest or advice.  If you like your job a lot and  you're that concerned then it may be worth speaking to somebody trustworthy as it's never nice to worry about something and not mention it though.  If you are not too fussed about your job then I think I would look for another one!  That's just my personal opinion though.  I hope it all gets sorted for you.

[nuoyg]

PS - depending on how long you've been there, if they did sell and you were made redundant would you get paid off?  THat's another thing to think about.

[milly143]

Thank you for your reply nuoyg. I have been with the company for 3 years but I don't really know how redunancy works. This company always manages to work its way out of anything, and I mean anything so if they didnt want to pay redundancy then they wouldnt. I've been thinking I may have a friendly chat with one of the directors as we get on well on a personal level.

[stoo_pid]

I can fully sympathise with you milly143 as I'm in a similar position right now.  Hopefully it won't come to redundancies but you might want to have a look through these links for your rights & advice.  If the worst does happen at least forewarned is forearmed...

• http://www.tuc.org.uk/tuc/rights_redundancy.cfm
• http://www.worksmart.org.uk/rights/viewsubsection.php?sun=16
• http://www.dti.gov.uk/er/redundancy/payments-pl808.htm

[acw]

milly143!!!!

I've been desperately trying to post an answer here for you since last night but my bloomin computer wasn't letting me and I started to think I'd been banned or something!!!

It is very likely that you will be protected under the Transfer of Undetakings (Protection of Employment) Regulations 1981.  Although, as ever I offer the caveat that there may be exceptions and there may be common law precedent that has come in since the book I have on my lap was published, it seems fairly clear that you'll be protected.  The only problem might be if the business RADICALLY changed after it was bought out or if you don't have a contract of employment (N.B., you can still have a contract even if you don't actually have a piece of paper in your filing cabinet/hand etc) 

Assuming it doesn't change too much, then all contracts of employment transfer, with current terms and conditions, to the new owner.  If you (or a colleague) gets dismissed before or after the transfer and the reason for the dismissal is the transfer, then that is unfair dismissal and you can go to an ET with that. 

In case you, or another ABer wants to check up online, just google TUPE and see what comes up!!!

Sorry I was so slow, you have no idea how mad I was getting trying to post this and how frustrated I was thinking that someone might get in there first with the TUPE (correct) answer. 

PS - This answer applies to anyone who has a contract of employment with a company that then gets bought by someone else.  It can also apply if the work you do gets contracted out.  E.g., you work for the Council as a dinnerlady and then they contract it out - that is a TUPE transfer. 

:-)

[acw]

PS- The redundancy info offered by stu_pid is neither wrong nor irrelevant, I didn't mean to imply that!! It could in fact be very useful.  I'm just thinking about it further and I realise that the new employer can make you redundant, but I think you gain further rights.  I'm sure those websites will give more information. 

Just remember that if the reason for terminating your employment is the transfer, then it can't be a dismissal.  I guess therefore (s)he'd have to make you redundant and the info stu_pid gave is relevant there. 

Both of you should remember the TUPE stuff though, and if you have a union turn to them, otherwise, first sign of funny business and you all need to group together against the employer.  This will lower the individual costs and increase your chances of success! :-)

[Sasha13]

One other point worth mentioning - if your friend who was being interviewed was doing really well in the interview, the interviewer may have slipped in this piece of hearsay so that your friend was less inclined to look at working for your compny - it happens all the time in my industry! Do you have a good relationship with any of your superiors? Why not mention this to them and see what they say? After all, it's not like you were being interviewed!! Also, Is your company listed on the stock exchange? If so, look at the share price... if it is relatively high at the moment (compared with your competitors and the year to date) it is a (very) rough indication that the company is financially secure therefore less ripe for a takeover bid - v. rough indication though!

[acw]

Sasha12 - A good rule of thumb, but I believe milly works for the UK branch of a Hong Kong company.  Even if the company as a whole is doing very well, it may still be prepared to sell of it's UK arm for a quick buck. 

Not meaning to worry you there milly! :-)

[milly143]

Again acw, thanks for your excellent answer and of course everyone else who gave me answers and advice.

Sorry if I mixed that up a bit, my friend was just there for a meeting, not a job interview so I dont think they would have said that to him in that respect. I have thought a bit over the weekend and decided that its not worth worrying about too much and lets face it, anything is for sale if the price is right. I will still have a word with one of the directors and see what his stance is but im not going to fret about it.

[nuoyg]

Afternoon milly143...has anything else happened yet?  I hope you're feeling a bit better about everything.

nuoyg. :o)

[milly143]

Well I have had to take a couple of days off and so not had the chance to speak to anyone yet but I have just discovered a few of the managers are leaving so I think defintaly today I shall be making some enquries.

[nuoyg]

Hiya milly143...I hope it all works out for you.  Best wishes.