If you buy a business or the business you are working for is bought then there may have been a transfer of undertaking which occurs where a business or part of a business transfers from one employer to another. This will not occur when the shares of a company are bought. This area of employment law is complex and both employers and employees may want to seek specialized help from an employment solicitor if they think there may be a transfer of undertaking scenario.
If there has been a transfer of undertaking the employees working in that business will be automatically transferred to the new employer. The outgoing employer must inform the employees of the fact that the transfer is taking place, approximately when and the reasons for it and must consult the employees about measures that the new employer is proposing.
The maximum penalty for non-compliance with the above is 90 days actual pay for each affected employee.