March 2025 - Page 2 of 2

Charities – setting up a “Company Limited by Guarantee” explained

Posted on 17 March 20259 July 2025 by Sarah O'Sullivan

When setting up or restructuring as a charity or not for profit organisation (NFP) you will need to consider which legal structure is right for you. There are a number of different legal structures for charities and the main ones are listed below:

Charitable company
Charitable incorporated organisation (CIO)
Charitable trust
Unincorporated charitable association

The most commonly adopted legal structure for charities and NFP’s is the charitable company structure, formally referred to as a private company limited by guarantee, adopted by the likes of Macmillan, Cancer Research UK and the British Heat Foundation. Essentially, a charitable company acts as the legal wrapper around a charity and this articles provides key insight and guides you through the steps to take in order to set up a company limited by guarantee. Whilst this is a relatively straightforward process there are pitfalls to be aware of, where you may need legal advice.

Firstly, what is a private limited company?

A private limited company is a legal entity, owned by its ‘members’ whose liability is limited to the money they initially invest in the business.

What are the key features of a company “limited by guarantee”?

A company limited by guarantee does not have shareholders or a share capital, instead ownership and control rests with its members who are guarantors up to a ‘guaranteed amount’. As there are no shareholders there is also no need to transfer shares every time a membership is transferred. This type of structure is facilitative of not for profit status because typically profits are not distributed to its members, instead profits are reinvested back into the business for its charitable purpose.

The ‘guaranteed amount’ is the agreed amount of money the guarantors (or subscribers) promise to pay the company if it is unable to pay its debts. The guarantors must pay the company the full amount of their guarantee and this payment covers the guarantors for situations such as the company being closed down. The guaranteed amount is not linked to how much the company is worth – you choose how much they pay!

What are the key benefits?

The key benefits of adopting a company limited by guarantee structure are as follows:

The company can enter into contracts, employ staff and own assets (amongst other things) in its own name.
The members can set low limits on their personal liability.
The company is responsible for its own finances: This means members are not responsible for company debts.
The company has to act in line with its own internal rules which are set out in its ‘articles of association’.

How to set up a company limited by guarantee?

You can apply to set up a company limited by guarantee:

(a) Online at Companies House;

(b) Online through an Incorporation Agency; or

Apply online through Companies House

It usually takes between 24 – 48 hours for your application to be processed. The application fee is £50.

Using this method:

Your company can only use the model articles which may not be appropriate for your needs.
Your company may have a maximum of 5 officers (directors and secretaries). You can appoint more in the future, if required.
You cannot apply online if:

o A parent company will control the new company.

o The new company will be taking over another charity.

o Any of the subscribing members will be a ‘corporate body’ (i.e. another limited company or a limited liability partnership).

If you have used this method of incorporation we can help you make any changes required to the model articles to meet the needs of the charity including its aims and its objectives.

Apply online through an Incorporation Agency

You can apply to set up a company limited by guarantee online via an Incorporation Agency. The fee depends on the agency and most will offer a same day service.

Applying this way offers more flexibility when setting up because:

You can choose bespoke articles which have been tailored to your specific requirements, to include the aims and objectives of the charity.
You can appoint any number of officers (directors and secretaries).
Both individuals and corporate bodies may be subscribing members.

Apply by post to Companies House

You can submit an application by post – the fee is £71 and can take up to 14 days depending on timescales. This method offers full flexibility to incorporate a charitable company in the manner you require but most people require a more prompt incorporation.

Steps to take when setting up a company limited by guarantee

Steps to take when setting up your company include:

Make sure setting up a company limited by guarantee is right for you, and ensure the articles of association are appropriate for the type of company, its aims and its objectives.
Choose a suitable company name, taking care if similar and existing charities have similar names and avoid names consisting of sensitive or restricted words.
Decide on a registered office address for the company but bear in mind this information will be available to the public.
Decide on the Standard Industrial Classification (SIC) code that applies.
Individual directors and company secretaries must be over 16 years and lawfully able to be appointed, this means you cannot appoint an undischarged bankrupt or someone who has been otherwise disqualified and they must willingly consent to be appointed as your company director.

What happens after a company limited by guarantee is set up?

Once the company is incorporated, the company name, address and company registration number should be clearly displayed on all official company paperwork, (including your website if you have one).
You must display a sign showing your company name at your registered company address and wherever your charitable company operates but if you are running it from home you do not need to display a sign.
Companies House will send an authentication code to the registered office after incorporation which will allow you to register for online filing.

Important things to note

A charitable company only obtains ‘charitable status’ once it is registered with the Charity Commission.
A charitable company is dual registered at Companies House and the Charity Commission, and therefore you must comply with dual filing requirements.
Each year the company must file annual accounts and a confirmation statement at Companies House, failure to comply with these filings can result in a fine or the company being struck off the register.
The responsibilities and duties of a director are important and failure to comply with statutory duties can result in a fine and/or imprisonment. You can find more information online at gov.uk.

Legal advice for setting up a company

If you are considering setting up a charitable company, a corporate lawyer can help you through the process. A solicitor can provide advice on the company’s legal structure, prepare bespoke articles of association, and ensure your application is submitted properly. If you need other legal support in setting up your company, please do not hesitate to contact our Corporate and Commercial Team.

What to do if you’ve been appointed as a Trustee

Posted on 14 March 202510 July 2025 by Sarah O'Sullivan

Have you been named as a trustee? It’s completely normal to have questions about what the role involves. Our experienced trusts solicitors have answered some of the most common questions to help you understand your responsibilities and protect yourself in the role.

Do I have to accept the Role of Trustee?

No. You cannot be forced to accept the position of trustee. If you do not wish to act, you can simply decline the appointment.

Can I step down as a Trustee later?

Yes. You can resign from the role at any time. However, in the case of an ongoing trust, you may be expected to help with the appointment of a replacement trustee.

Are Trustees paid?

Generally, no. Lay (non-professional) trustees are not usually paid for their time. However, professional trustees—such as solicitors or accountants—may be entitled to remuneration, either under the trust deed or under general legal principles.

Can Trustees claim expenses?

Yes. Trustees can recover reasonable expenses that are properly incurred in the course of carrying out their duties. These expenses are paid out of the trust fund.

Am I personally liable as a Trustee?

Potentially, yes. Trustees can be held personally liable for a “breach of trust”. However, trustees are generally entitled to be indemnified from the trust fund—provided the trust has sufficient assets and the trustee acted properly.

To protect yourself:

Always act in the best interests of the beneficiaries;
Take reasonable steps to safeguard trust assets;
Seek professional advice when necessary.

It’s important to act fairly and impartially, even when this may be difficult. Your relationship with the settlor and your understanding of the beneficiaries are likely reasons you were chosen for this responsibility.

Am I liable for other Trustees’ mistakes?

Not directly. Trustees are not usually liable for the actions of their co-trustees. However, if you fail to prevent a co-trustee from breaching the trust—or turn a blind eye—you could still be held responsible.

Courts can sometimes excuse trustees from liability if they acted honestly, reasonably, and in good faith.

Am I liable for financial losses to the Trust?

Not usually. Most modern trust deeds include a clause stating that trustees are not liable for losses to the trust fund unless those losses result from their own negligence or fraud.

Need advice about being a Trustee?

If you’ve recently been appointed as a trustee and want to understand your duties—or you’re concerned about your responsibilities—our specialist trust solicitors are here to help. Contact us today for clear, practical legal advice tailored to your situation.

Exchange and completion: Essential guide for home buyers and sellers

Posted on 7 March 20259 July 2025 by Sarah O'Sullivan

Buying or selling a house can be an exciting process but we understand there is a great deal of terminology involved which can be difficult to get to grips with.

Two such terms are ‘exchange of contracts’ and ‘completion’. Here is an explanation of precisely what these terms mean and answers to some commonly asked questions:

When buying a house, do you exchange or complete first?

Completion, as the name suggests, is the final stage of the conveyancing process. It is the day on which the purchase price is paid to the seller, and the buyer can collect the keys to their new property.

The exchange of contracts happens before completion.

What does ‘exchange of contracts’ mean?

The exchange of contracts is the point at which the sale or purchase becomes legally binding between the parties. It commits the buyer to purchase the property and the seller to sell it for the agreed price on the agreed completion date.

Can a buyer pull out between exchange and completion?

After an exchange of contracts, if a buyer pulls out of the purchase and fails to complete on the agreed completion day, the buyer will be in breach of contract. The contract will contain provisions for the buyer to forfeit, i.e., lose, their deposit to the seller, and other provisions for compensation for losses.

Before the exchange of contracts, either party may withdraw from the transaction without any legal consequences because no contract has been made between the buyer and the seller. There are a number of reasons why a party might withdraw. The conveyancing process in England and Wales allows buyers the opportunity to make a full investigation of the property before making a legal commitment to buy it.

Do I need to be present during the exchange of contracts?

The exchange of contracts is an entirely remote process. Your solicitor will have asked you to sign and return a copy of the contract in advance. This signed copy is held on file until the exchange of contracts takes place. You will need to be contactable either by phone or email on the day of exchange as your solicitor will request your express authority to proceed with exchange of contracts on your behalf, this makes sure you have not changed your mind and is an opportunity for any last-minute queries to be dealt with prior to committing you to the sale/purchase.

How does my solicitor prepare for the exchange of contracts?

If you are selling a property, your solicitor will prepare to exchange contracts by making arrangements for you to sign and return a copy of the contract.

If you are buying a property, your solicitor will need to have completed the following steps before proceeding with exchange of contracts:

Made arrangements for the buyer to sign and return the contract
Received deposit funds from the buyer (usually 10% of the purchase price)
Complete land registry checks to ensure nothing has changed on the title since it was provided by the seller

Whether you are selling or buying or both, your solicitor will contact you to request your express authority to proceed with exchange of contracts that day, we always want to make sure you have not changed your mind and are able to book your removals company before committing you to a contract.

How does my solicitor exchange contracts?

Exchange of contracts involves a telephone call with the solicitor representing the other party. The solicitors will read through the details of the contract to ensure the terms in each contract are exactly the same.

When the solicitors are satisfied that both contracts are identical, they will agree to date the contract which brings the contract into existence.

I’m in a chain; can we exchange contracts whenever we are ready?

If you are selling your current home and moving into a new one, you are part of a chain of transactions and exchange of contracts must align with all other parties in the chain, who must also agree the all-important completion date.

This can take some coordination and estate agents are well placed to bring the chain to an agreement that suits everyone involved.

Once the dates are agreed and all parties ready to exchange, the solicitors will ‘release’ the contract to the solicitor above them. The next solicitor in the chain does the same and this process is repeated until the top of the chain is reached and the top contract is exchanged. Confirmation is then communicated back down through the chain by each solicitor until the solicitor at the bottom is reached.

What happens between exchange and completion?

Between exchange and completion, the final administrative tasks are completed, such as requesting estate agent invoices and mortgage funds in readiness for completion.

What is a normal gap between exchange and completion?

Most lenders require 5 working days’ notice to arrange payment of mortgage funds, this usually determines the gap between exchange and completion however sometimes parties agree on a longer gap. Most clients are comfortable with a week before completion as it allows time to make final preparations for completion day such as notifying utility companies and arranging to forward post.

A shorter gap can also be agreed in certain circumstances. Your solicitor will check how much time is required between exchange and completion and ensure sufficient time will be allowed before proceeding with exchange of contracts.

It is also possible to exchange and complete on the same day if needed, this is known as ‘simultaneous exchange and completion’. This requires planning in advance and is usually only possible if there is no wider chain involved.

What does my solicitor do on completion day?

If you are selling a property, your solicitor waits to receive the purchase funds from the buyer’s solicitor. Once received, they will contact you to confirm this and check whether you are ready for the estate agent to release the keys to the buyer. The solicitor will also arrange to repay any outstanding mortgage on the property.

If you are buying a property, your solicitor will send the purchase monies to the seller’s solicitor and await confirmation of receipt. Once confirmed, they will contact you to confirm you can collect the keys from the estate agent. In the background, they will then arrange to submit your stamp duty return to HMRC and payment of the stamp duty owed. They will then attend to registration of your ownership of the property at HM Land Registry.

Can I do building work between exchange and completion?

Between exchange and completion the property still belongs to the seller. It is possible to do building work between exchange and completion but it must be agreed with the seller in advance via a ‘Key Undertaking’. This is an agreement to allow you access to the property to carry out specific pre-agreed works. It is usually agreed that you must return the keys to the estate agent at the end of each day.

Can things go wrong between exchange and completion?

It is very rare that things go wrong between exchange and completion but it can happen and certain things are beyond your solicitor’s control. For example, banking systems can go down which can affect the transfer of completion funds between solicitors. A key undertaking is sometimes agreed in such situations to allow buyers into their new properties before completion is finalised.

Call us for a conveyancing quote

When you’re ready to move, call us for a conveyancing quote. We work on fixed fees so you have additional peace of mind.

Scaling up and long-term growth: Legal insights on Cambridge Innovation Capital’s £100M opportunity fund

Posted on 6 March 202510 July 2025 by Sarah O'Sullivan

Cambridge Innovation Capital (CIC), a leading venture capital firm, has launched a £100 million Opportunity Fund to support growth-stage deep tech and life sciences companies in the UK. This initiative aims to address the funding gap that often challenges UK startups in scaling their operations and securing long-term growth.

As CIC’s fund supports innovation and expansion, it also raises important corporate, commercial, and employment law considerations. Ensuring legal and regulatory compliance and structuring matters in the right way may be key to maximising the fund’s impact while supporting sustainable business growth.

Legal professionals can play a crucial role in guiding companies through these complexities, from fund formation and governance to workforce expansion and regulatory obligations. This article explores the key legal considerations associated with the fund and its potential influence on the UK’s innovation ecosystem.

Key legal considerations:

Corporate and commercial law considerations

Legal structuring and fund formation: Establishing the right legal structure for a venture capital investment is essential for compliance and help scalability. Whether structured as a limited partnership or an investment trust, the fund’s legal framework must align with investor expectations, governance needs, and tax efficiency.
Investor agreements and risk management: Growth-stage investments require clear, well-drafted agreements that define investment terms, risk-sharing mechanisms, and exit strategies. Institutional investors such as Aviva Investors and British Patient Capital will expect transparent governance structures that adhere to UK venture capital laws and fiduciary responsibilities.
Shareholder agreements and corporate governance: Investors typically seek board representation and governance rights to help guide business decisions. Well-defined governance frameworks, including voting rights, decision-making authority, and exit provisions, contribute to long-term stability and strategic alignment between investors and founders.
Intellectual property (IP) protections: In deep tech and life sciences, protecting intellectual property assets is vital. Investors will expect patents, trademarks, and proprietary technologies to be properly secured, reducing risks of ownership disputes and unauthorised use.

Employment law considerations

As CIC’s portfolio companies expand, effective workforce management will be critical. Key employment law factors include:

Employment status and worker classification: Startups often engage a mix of employees, consultants, and other workers. Proper classification is crucial to avoiding misclassification risks and ensuring compliance with IR35 tax rules and UK employment law.
Contractual protections and employment rights: Growth-stage companies must provide clear employment contracts that define salary, benefits, working conditions, and dispute resolution processes. Failure to issue formal contracts within two months of employment may breach UK employment regulations.
Non-compete and confidentiality agreements: In highly specialised industries, protecting trade secrets and sensitive data and intellectual property is essential. Employment contracts should include enforceable non-compete, non-solicitation, and confidentiality and, where applicable, IP clauses to safeguard business interests while remaining fair and reasonable under UK law.

Regulatory and compliance considerations

Operating within the UK’s venture capital ecosystem requires compliance with a broad range of regulatory frameworks:

Financial conduct authority (FCA) regulations: Venture capital firms must adhere to FCA regulations, including disclosure obligations, risk assessments, and anti-money laundering (AML) protocols to maintain investor confidence and legal integrity.
Data protection and cybersecurity laws: With many portfolio companies handling sensitive data, ensuring compliance with GDPR and cybersecurity regulations is essential to protect both investor and consumer information.
Competition law and market impact: Large investments in concentrated sectors (e.g., biotech) may attract regulatory scrutiny under UK and EU competition laws, particularly regarding market dominance and anti-competitive behaviour.
Employment law and workforce compliance: As companies scale, they must align their hiring practices, employee benefits, and workplace policies with UK employment regulations, ensuring fair treatment of workers and compliance with equality legislation.

Broader Implications for the UK’s Innovation Ecosystem

CIC’s Opportunity Fund represents a significant step in strengthening the UK’s ability to support high-growth technology sectors. By providing capital at a crucial stage, the fund can accelerate innovation, drive job creation, and enhance global competitiveness.

However, to fully realise these benefits, it is essential to have strong legal and regulatory frameworks in place. Ensuring corporate governance, compliance with employment laws, and investor protections will allow both startups and investors to confidently scale their operations while fostering a sustainable and responsible innovation ecosystem.

CIC’s £100M Opportunity Fund is a milestone for UK venture capital, providing critical funding to emerging deep tech and life sciences companies. To maximise its success, a compliant and thought through approach is necessary—covering fund structuring, investment agreements, workforce management, and regulatory compliance.

By proactively addressing these legal considerations, corporate, commercial, and employment law professionals will play a key role in creating a strong, legally compliant, and investor-friendly environment that supports both economic growth and technological progress in the UK.

Achieve your business goals. Get in touch with our corporate or employment lawyers

This article was co-authored by Natasha Bhandari and Ola McGhee, both experts in Corporate and Commercial law.

Natasha specialises in corporate and commercial law, advising businesses on mergers, acquisitions, restructuring, and investment agreements.

Ola is an employment law expert, helping businesses navigate workplace matters such as contracts, disputes, and regulatory compliance.

Together, they provide key legal insights to support growing companies in the UK’s innovation ecosystem. If you’d like to meet one of our experts for a confidential, no-obligation chat, please get in touch.

Economic Review February 2025

Posted on 3 March 20259 July 2025 by Sophie Soraf

Key takeaways:

UK economic output unexpectedly rose by 0.1% in the fourth quarter of 2024
Bank of England will be ‘careful’ about reducing Bank Rate due to a spike in inflation
Retail sales volumes rose by 1.7% in January, bouncing back from December’s 0.6% decline

Growth stronger than expected in late 2024

Data released last month by the Office for National Statistics (ONS) revealed that the UK economy unexpectedly grew in the final three months of last year, although more recent survey evidence still points to a sluggish outlook.

The latest gross domestic product (GDP) statistics showed that economic output rose by 0.1% in the fourth quarter of 2024, after flatlining across the previous three-month period. While the figure still only represents a relatively lacklustre rate of expansion, it was significantly stronger than economists had been expecting, with the consensus forecast in a Reuters poll predicting a 0.1% contraction during the final three months of the year.

A monthly breakdown showed that the final quarter GDP figure was lifted by a strong performance in December, which saw a 0.4% expansion. This reflected robust service sector growth, with ONS noting that wholesalers, film distributors, pubs and bars all did particularly well, while machinery manufacturers and pharmaceutical companies performed strongly too. In addition, however, it was noted that December’s growth relied on government spending and a potentially temporary build-up in firms’ inventories.

Data from a recently released economic survey also suggests growth in the first two months of 2025 has been tepid. February’s flash headline growth indicator from the S&P Global/CIPS UK Purchasing Managers’ Index (PMI) dipped to 50.5 from 50.6 in January, leaving the index only marginally above the 50.0 no change threshold, implying the UK economy has seen little growth so far this year.

S&P Global Market Intelligence’s Chief Business Economist Chris Williamson said, “Early PMI survey data for February indicate that business activity remained largely stalled. While marginal output growth was eked out in February, order books deteriorated at a rate not seen since August 2023 to hint at likely cuts to business activity in the coming months unless demand revives.”

Interest rates cut; inflation jumps

Last month, the Bank of England (BoE) sanctioned a further cut in interest rates but said it would be ‘careful’ about future reductions in the face of an expected spike in inflation and global uncertainty.

Following its latest meeting, which concluded on 5 February, the BoE’s nine-member Monetary Policy Committee (MPC) voted by a 7-2 majority to reduce rates by 0.25 percentage points, taking Bank Rate down to 4.5%. The two dissenting voices both voted for a larger cut of 0.5 percentage points.

Alongside the rate announcement, the Bank unveiled its latest economic projections, which included a halving of its 2025 growth forecast to 0.75%. The updated outlook also predicts inflation will rise to nearly double the Bank’s 2% target level, peaking at 3.7% in the third quarter of this year and not return to target until the end of 2027.

Commenting after announcing the MPC’s decision, BoE Governor Andrew Bailey reaffirmed his expectation that rates would continue on a downward trajectory, but added “We will have to judge meeting by meeting, how far and how fast.” Mr Bailey also stressed the need to remain “gradual and careful” when reducing rates further because “we live in an uncertain world and the road ahead will have bumps on it.”

This bumpy road was vividly highlighted two weeks later when the official inflation statistics were published, with the annual headline rate jumping to 3.0% in January from 2.5% in December. ONS said this higher-than-expected increase was driven by rising food prices, a smaller-than-usual drop in air fares and an increase in private school fees.

January’s data leaves inflation at a 10-month high with analysts predicting further rises to come. April in particular is likely to see a notable jump, with energy, water and council tax bills all set to rise during that month.

Markets

At the end of February, global markets remained under pressure as investors reacted to economic uncertainty, with Trump’s trade policies continuing to weigh on sentiment.

US stocks fell after the Trump-Zelensky Oval Office exchange on Friday 28 February, before moving higher in the afternoon session. The Dow closed February 1.58% lower on 43,840.91, while the tech-orientated NASDAQ closed February down 3.97% on 18,847.28.

In the UK, the internationally focused blue-chip FTSE 100 index closed the month on 8,809.74, a gain of 1.57%. At month end the index rose as hopes increased of a potential trade deal between the UK and the US, following a week of crunch talks in Washington. The mid-cap focused FTSE 250 closed February down 2.98% on 20,326.38, while the FTSE AIM closed on 703.83, a loss of 1.99%.

On the continent, the Euro Stoxx 50 closed February 3.46% higher on 5,463.54. In Japan, the Nikkei 225 ended February on 37,155.50, a monthly loss of 6.11%.

On the foreign exchanges, the euro closed the month at €1.21 against sterling. The US dollar closed at $1.25 against sterling and at $1.03 against the euro.

Gold closed February trading around $2,863 a troy ounce, a small monthly gain of 0.44%. At month end, the gold price fell as concerns escalated over Trump’s sweeping tariff strategy and a stronger dollar put pressure on the precious metal. Brent Crude closed the month trading at around $69.91 a barrel, a monthly loss of just over 4.0%, as concerns about the risks posed by tariffs to the global economy and demand for fuel weigh on sentiment.

Index	Value (28/02/205)	Movement since 31/01/25
FTSE 100	8,809.74	+1.57%
FTSE 250	20,326.38	-2.98%
FTSE AIM	703.83	-1.99%
Euro Stoxx 50	5,463.54	+3.46%
NASDAQ Composite	18,847.28	-3.97%
Dow Jones	43,840.91	-1.58%
Nikkei 225	37,155.50	-6.11%

Pay growth accelerates; vacancies still falling

The latest batch of labour market statistics showed that UK wage growth remained strong in late 2024, while surveys suggest companies are planning to cut jobs or recruit fewer people over the coming months.

Figures published by ONS last month showed that average weekly earnings excluding bonuses rose at an annual rate of 5.9% across the final quarter of last year. This figure was up from 5.6% in the previous three-month period and represents the strongest reading since the three months to April 2024.

The data release also revealed yet another decline in the overall number of job vacancies. In total, ONS said there were 9,000 fewer vacancies reported between November and January 2025, the 31st consecutive monthly fall. And survey evidence suggests this decline is likely to continue as firms look to cut headcounts and freeze hiring as a result of higher employment costs associated with changes announced in the Autumn Budget.

A Chartered Institute of Personnel and Development survey released last month, for instance, found that around one in three firms are planning to reduce their headcount through redundancies or by recruiting fewer workers ahead of April’s National Insurance contributions hike and the uplift in the minimum wage.

Retail sales grew strongly in January

Official retail sales statistics released last month showed that sales volumes rebounded sharply in the first month of this year, while survey evidence points to a modest pick-up in consumer sentiment during February.

According to the latest ONS data, retail sales volumes rose by 1.7% in January, a strong bounce back from December’s 0.6% decline. The figure was also higher than all estimates submitted to a Reuters poll of economists which had pointed to growth of just 0.3%. ONS did, however, note that the increase was largely due to strong food sales, with other sectors, such as clothing and household goods, recording a more ‘lacklustre’ performance.

Encouragingly for the retail sector, data from GfK’s most recent consumer confidence index also reported a modest improvement in consumer sentiment. Overall, February’s headline confidence figure rose to -20 from -22 the previous month, with all five of the survey’s components improving, led by a four-point gain in personal finance expectations.

Evidence from the latest CBI Distributive Trades Survey, though, found that retailers remain ‘downbeat’ about their future business situation, with the data pointing to a sharp sales downturn in March, partly due to the later timing of Easter compared to last year.

All details are correct at the time of writing (03 March 2025)

It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.

This material is intended to be for information purposes only and is not intended as an offer or solicitation for the purchase or sale of any financial instrument. Tees is a trading name of Tees Financial Limited which is regulated and authorised by the Financial Conduct Authority—registered number 211314.

Tees Financial Limited is registered in England and Wales—registered number 4342506.