Once the acquisition has been completed, there are various matters that will need attending to, including the following:
- stamp duty, at the rate of 0.5% of the consideration, is payable to HM Revenue & Customs, within 30 days of completion;
- various filings at Companies House will need to be made in relation to the target company to notify the Registrar of Companies, for example, of changes to the officers of the company, its registered address, its auditors and its accounting reference date. If the buyer issued shares to the seller as part of the consideration, there will also need to be filings made in this regard;
- the bank mandates for the target company (and any subsidiaries) will need to be updated;
- the target company's statutory books will need to be updated and, following the stamping of the stock transfer form, new share certificates issued;
- completion accounts, if required, will need preparing (if the buyer is obliged to produce the first draft) and agreed;
- employees, customers and suppliers may need to be notified of the change in ownership of the company, subject to any confidentiality provisions contained in the share purchase agreement; and
- consideration should be given whether there are any potential warranty claims that should be brought against the seller and care taken to ensure that any such claims are brought within the time period set out in the share purchase agreement.