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The buying, selling or merging of any business(es) or even part of a business. From a TUPE (Transfer of Undertakings Protection of Employment) point of view, any transfer that involves a 'going-concern' i.e. more than just fittings and fixtures, is likely to mean that the employees of the business(es) in question are likely to be protected by this lovely piece of legislation. See TUPE definition for more details, but be warned - if you are looking at a potential TUPE situation there are very specific rules as to what you can and can't do with those employees!
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