Start-ups, Investment & Corporate Structuring
We have extensive experience on the early life of enterprises, whether as true start-ups (with or without seed corn capital and subsequent rounds of financing), as spinouts, particularly from academic institutions or an management buy-outs or buy-ins.
We advise on the structures of the enterprises, the balance of funding (between, for example, debt and equity), and the most effective structuring of the relationship between management and external investors.
The advice will particularly address the long-term tax issues of structures such as the effect of management ratchets, the availability of Entrepreneur’s Relief, and eligibility for EMI, SEIS and EIS reliefs. The corporate teams are familiar with these issues and works closely with our tax team to ensure that the best outcomes are provided.
For later rounds of fundraising we advise both investors and investee companies on debt and equity funding. This includes both investments in private companies and placings, open offers and rights issues for our publicly quoted companies.
- acting for a number of technology companies in their spin-outs from leading UK institutions and multi-national organisations
- acting for companies post spinout and other start-ups and advising them through rounds of fundraising and on the establishment of share schemes, in particular, their eligibility for EMI reliefs