Fladgate LLP

A discussion around the three main parties' manifesto proposals for employment Taj Rehal, Employment Partner at Fladgate, was recently invited to share his views around the changes we are likely to see following the general election with James Pinchbeck, Chief Marketing Officer at Streets Chartered Accountants, and Anita Wynne, CEO of Beststart HR, in the latest episode of The Streets Sessions. Topics covered included:  ▪ addressing workforce skills shortages, apprenticeships and managing migration; ▪ the impact on employers and employees if changes are made to unfair dismissal protection; ▪ the possible ban on zero hour contracts; and ▪ new rights for flexible working. You can tune in to the full podcast here: https://lnkd.in/euBpJ3XS

The EU’s AI Act will enter into force on 1 August 2024 - what key actions should businesses now take?   Now that the AI Act’s effective date is at last known, Partner Tim Wright runs through the phased transition timetable, which reflects the staggered implementation approach of the AI Act, allowing businesses and organisations time to adapt to the new regulations gradually, and outlines the key actions which should be taken. Tim comments: “By taking proactive steps now, businesses can position themselves to comply with the AI Act's requirements as they come into force over the next few years. Whilst full compliance is not immediately required, early preparation can help avoid rushed implementation and the risk of potential penalties later on."   Read the full article here: https://lnkd.in/eX_hdXpy

Atos’ continuing financial troubles shines light on outsourcing, what are the potential implications for customers?   Atos, a major IT services provider, is facing significant financial challenges that raise concerns about its ability to fulfil existing contracts, particularly with government and large enterprise customers.   Partner Tim Wright unpacks the concerns surrounding these financial issues and advises on the steps customers should take.   Read the full piece here: https://lnkd.in/eZxNuudR

Best practice in protecting victim survivors of domestic abuse: what should practitioners keep in mind? Rebecca Christie, a Senior Associate in our family team and Co-Chair of Resolution’s Domestic Abuse Committee, has written an article in the latest issue of The Review, Resolution’s magazine with Katy Duff, Burgess Mee and Elaine Richardson, Richardson Family Law, which looks at key considerations for practitioners when dealing with cases that involve allegations of domestic abuse in light of the recent changes to the Family Procedure Rules. You can read the full piece here: https://lnkd.in/dMSnFHT8

We are delighted for our client Cykel AI plc (Cykel) on its successful reverse takeover by Mustang Energy Plc.   We acted for Cykel AI when it first floated on the Aquis Stock Exchange Growth Market back in 2023, so it was extremely rewarding to help it achieve admission to and listing on the Main Market of the London Stock Exchange by way of a court-sanctioned scheme of arrangement and subject to the Takeover Code.   Cykel AI is an early-stage, high-growth company that intends to quickly make its mark through operating a software platform developing advanced artificial intelligence (AI) products, and we are excited to be a part of this journey.   The team supporting Cykel was led by David Robinson and Tessa Trevelyan Thomas, and assisted by Orit Rioumine Gold and Tyler Hilborne.   Jonathan Bixby, Executive Chairman of Cykel had this to say on the news: “We are very excited about the prospect of trading on the London Stock Exchange. The field of artificial intelligence is one of the most exciting technology trends in the world and allowing more investors access to this trend is a positive outcome for Cykel and our shareholders.”

The AI landscape is constantly changing with new regulations and standards coming into force.   Partners, Tim Wright and Nathan Evans discuss the key changes within the AI space along with a debrief of London Tech Week 2024.   Key topics discussed include: - Use of AI in government tenders - EU’s dedicated ChatGPT task force reports - Advertising Standards Authority makes progress using AI to regulate online advertising - MiFID considerations for investment firms’ use of AI - AI Act still not published - Italy progresses its own AI Bill - EU legislators turn their attention to AI factories - New alliance launched to focus on responsible generative AI   Read more about the new updates here: https://lnkd.in/eKHt6a4q

Distress in the green energy sector: what are the challenges? There has been a perhaps surprising level of distress across the green energy and renewables sector in the UK so far in 2024. While many people see green energy as the only sensible way to generate power, there are many financial challenges facing the sector. Sam Tye, Fladgate’s Green Energy Group Lead and Jeremy Whiteson from our restructuring and insolvency team recently led a roundtable discussion at this year’s TMA Europe International Symposium in London, speaking on the challenges the sector faces and ways to mitigate risks. They have set out their thoughts here: https://lnkd.in/eR4wEFXn

Fladgate’s Türkiye team advises on the largest investment by a Turkish hospitality group in the UK. We recently acted for Kaya Tourism Group, part of KAYA HOLDING INC., on its acquisition of the Great Northern Hotel, a Tribute Portfolio in London’s King’s Cross. Kaya Tourism Group, one of Türkiye’s largest hotel chains, owns and operates 13 hotels in Türkiye and Cyprus across its two brands, Kaya Palazzo Hotels & Resorts and Kaya Hotels & Resorts. This acquisition is the Group’s first investment in London and marks the beginning of its plans to expand into the UK and wider European market. The Grade II-listed, 88-bedroom Great Northern Hotel is believed to be London’s oldest railway hotel, dating back to 1854. It was designed by architect Lewis Cubitt, who also designed London’s iconic King’s Cross and London Bridge train stations. It completed a £40m renovation in 2013 and reopened with a new range of food and beverage outlets. Fladgate’s multi-disciplinary team advising Kaya Holding was led by Ravi Goonesena, supported by Cem Usten, James Fry, Madeleine Goward, John Forde, Alex Haffner, Eddie Powell, Mike Tremeer, Miles Crawford, Harriet Chopra, Daniel King, Helena McElroy, Vicky Bills and Luke Morris. In addition to M&A advice, the team provided support with regards to matters relating to real estate (and real estate planning), commercial contracts (including drawing upon significant hotel franchise experience), employment, insurance and tax. Kaya was also advised by EY’s hospitality and leisure team, GSK Stockmann, Marsh McLennan and BlackGate. Burak Kaya, Chairman of the Board at Kaya Holding, commented: “We are delighted to have made our first international hotel investment in London. Great Northern Hotel is located in one of the capital’s most successful regeneration developments and we are proud to be the first Turkish tourism company to make such a significant hotel investment in the UK. We believe this investment will strengthen mutual tourism relations between Türkiye and the UK, and we are actively considering next options for further expansion into Europe.” 

We recently acted for Planet First Partners in relation to its £20m investment in THIS™ the third largest meat alternative brand in the UK.   Founded in 2020, Planet First Partners is a European growth equity sustainable investment platform that strives to partner with disruptive entrepreneurs focused on scaling businesses that directly contribute to the climate transition.   UK plant-based food brand THIS™ is on a mission to lead a plant-based revolution, offering nutritious and great-tasting meat alternatives to meat lovers looking for more balance in their diets. Since 2019, it has launched several market-leading products such as THIS™ Isn’t Pork Sausages and THIS™ Isn’t Lamb Kebabs, and has raised c.£35m from institutional and crowdfunding investors including BGF, Seedcamp, Kreos Capital, Five Seasons Ventures, ITV and footballer CHRIS SMALLING.   This latest investment from Planet First Partners complements its previous investments in companies focused on the energy transition, industrial and green cities, and marks its first investment in its ‘Farm 2 Fork’ vertical which aims to support more sustainable agriculture and food systems, led by sector expert Executive Chairman Frédéric de Mévius. For THIS™, this latest funding round will help it to accelerate its growth in the UK through launches of new product ranges, whilst continuing to boost the profitability of its core existing products.    The team advising Planet First Partners was led by Graham Spitz, supported by Tim Wright, Michelle Levicki, Ingrid Hesselbo, Lucy Senior, Edward Robinson and Maddy McAra.   Emma Falconer, Principal at Planet First Partners, shared some kind words about the Fladgate team: “This was our first time working with Fladgate and we thoroughly enjoyed collaborating with Graham and the team, who went above and beyond as advisors. I am personally grateful for Fladgate’s sound advice and look forward to our next project together.” Partner Graham Spitz added: "We were delighted to field a multi-disciplinary legal team to help Planet First Partners navigate this exciting investment."

We are pleased to announce that Rebecca Christie has been shortlisted at this year’s Resolution Awards in the Rising Star category. Those shortlisted as a Rising Star have been recognised by other members of Resolution as going above and beyond to promote the highest of standards within the family law profession and have through their work demonstrated potential to be a future leader of family justice. Resolution's members encourage finding solutions which consider the needs of the whole family – and in particular the best interests of children. Their members consist of family lawyers, mediators and other professionals. Congratulations to Rebecca!