BusinessCompany NewsInstitute grilled over ABG sale

Institute grilled over ABG sale

The ICAEW could face a bill of up to #900,000 for allegedly failing to consult fully with its employees when it sold its publishing arm, it emerged this week.

The institute announced in January that it had sold ABG to Wolters Kluwer for £15m together with a further £10m spread over the next decade.

But at this week’s special general meeting, London district society member Teresa Graham asked whether the institute had provided for a potential liability of £900,000 in its accounts if it failed to resolve arguments with its former ABG employees under ‘transfer of undertakings, protection of employment’ regulations. It is understood lawyers for the institute are in discussion with representatives of the ABG employees who are claiming they were not fully consulted about the sale.

President Michael Groom said the TUPE regulations had been taken into account, adding: ‘The financial consequences were understood.’ A spokesman for the institute declined to comment further.

At the meeting members also voted overwhelmingly to accept a controversial increase in membership fees from #167 to #200.

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