Welcome to our July newsletter: frankly we weren't expecting to be writing much about Brexit this month - we thought that the world would be moving on swiftly and leaving the Leave campaign behind. Instead we, like you, are working out what the result means for our businesses.
Very little certainty has emerged as yet but month to month, we will be anticipating, tracking and briefing you on the key sectoral impacts, using our Brexit Tracker. As a start in this newsletter, we have picked out a few themes around supply chain and people, and also some observations about M&A and the response of the retail banks but you can also click through to a summary of current thinking on the full sweep of Brexit topics. Do tell us if there are particular areas that concern you and obviously our specialists would be delighted to sit down with you and look at your specific situation.
I understand from watching House that the brain can only process one source of pain at any time, but we don't have that luxury! Our relationship with Europe is merely one of many ongoing issues in our fast changing world and so we continue to track other themes this month including changes in insurance law for R&C businesses, how the high street is responding to consumers with disabilities and Modern Slavery Act developments. We also have international input from our colleagues across Germany, Czech Republic, Romania, Poland, Hungary and Slovakia.
The public has spoken...
Visit our Brexit Box for information relating to the UK's exit from the EU, which includes specific information relating to the retail and consumer sector.
Over the coming months, we will be following the key sectoral themes using our Brexit Tracker. As a start, here are some thoughts on some key areas for our sector:
- Supply Chains: On exiting the EU, the most likely alternative arrangement that the UK would seek to negotiate would involve maintaining access to the EU Single Market by signing up to the European Economic Area (EEA) agreement. While an EEA arrangement would look very familiar to those businesses selling financial services into the EU via a "passport", it would give rise to some new challenges for those exporting goods into the EU with increased focus on the supply chain. Click here to read more.
- People and employment: Read here about issues retail employers may experience following the outcome of Brexit.
- Capital – debt finance: How is the prospect of Brexit impacting the retail banks' attitude to lending? Read this article to understand developments in this space.
- M&A: What should you be thinking about if you are currently or recently involved in M&A? Read our article here for information
Brexit: Top 10 Myths
Whilst compiled with our financial services clients in mind, this article is useful in separating the truth from the hysteria.
Business as usual...
Improved Rights against Insurers
Recent changes to the law of insurance will result in improved rights for policyholders and third parties seeking payment from insurers. This is good news for the Retail and Consumer (R&C) sector, given how important an insurance payment can be when disaster strikes. Insurance is relevant to all aspects of R&C activities and the changes will apply to all types of insurance, including product liability, business interruption, property, cyber, Employer's liability, motor, D&O and E&O to name just a few.
Accessibility on the High Street
There are 12 million people in Britain with disabilities - a considerable portion of the UK's spending power. An audit conducted in 2014 by accessibility information providers DisabledGo found that thousands of retail venues have failed to adapt their premises, missing a trick financially whilst also failing to make the reasonable adjustments they are required to by law.
Modern Slavery Act reporting: the story so far
View our infographic on the Modern Slavery Act 2015
In case you missed it...
- Our Advertising Update looks at the latest rulings across the Retail and Consumer sector, please click here to read.
- The annual conference of The Groceries Code Adjudicator took place on Monday 27 June.
In this issue, we consider recent competition law trends in R&C, with a focus on the CMA's recent investigations into online sales restrictions and minimum advertised pricing, and a round-up of the latest developments.
How to survive a cyber attack - and ensure your reputation survives too
Wednesday 13 July 8am, Manchester
For further information or to register for this event please contact Sadie Dowman.
Private prosecution seminar
Monday 18 July 8am, Manchester office
Tackling crime in your business: investigations, interacting with prosecuting authori ties and private prosecutions.
For further information or to register for this event please contact Angela Dunbar.
Our Retail Week articles
We are exclusive legal contributors to the sector's most coveted publication.
In this month's article, we look at the arguments for and against private equity being beneficial for retailers.
Huge thanks to our colleagues at Noerr , who have contributed content from across Germany, Czech Republic, Romania, Poland , Hungary and Slovakia.
- Germany: Online pharmacies and fixed prices
- Czech Republic: New regulation on food advertising
- Romania: New rules on personal data protection
- Poland: Tax on retail sales adopted by Polish government
- Hungary: State aid for relocating production
- Slovakia: Crucial changes to cross-border service provision and increased bureaucracy in Slovakia
Co-Head of Retail & Consumer Sector, Partner, Mergers and Acquisitions LondonView profile