Can I add owners, directors or shareholders to my Franchise?

The person being added to your franchise must also be a director of your company and appear on Companies House database as such. You may have a maximum of 4 directors including yourself. An additional second director will only carry an admin fee to add. Directors 3 and 4 will carry an additional fee. All information and prices can be found in the manual on the CRM, under Documents/Operations. We will, as always operate fully within the terms of the contract which you have signed. Your contract states the following clauses which refers specifically to changing the ownership of the franchise, please feel free to cross reference these clauses with the same numbers in your contract. 2.2 The Franchisee may not sub-license the rights granted in Clause 2.1 (and elsewhere in this Agreement) without the prior written approval of Sourced. 23.1 No transfer of any shares in the Franchisee by the Individual(s) or of the Franchise (or any material part of the assets, rights or properties comprising the Franchise) by the Franchisee or the creation of any encumbrance over the shares in the Franchisee by the Individual(s) or over any part of the Franchise by Sourced or Individual(s) may take place otherwise than in accordance with this Clause 23 and Clause 24. 23.2 If either of the Individual(s) wishes to transfer its shares in the Franchisee (the �Sale Shares�) to a third party and has received an offer from a bona fide third party purchaser for the Sale Shares, the Individual(s) must first give a Transfer Notice to Sourced (giving details of the proposed transfer) including: 23.2.1 the name of the proposed purchaser; and 23.2.2 the price (in cash) that the proposed purchaser has offered to pay for the Sale Shares (the �Proposed Sale Price�). 23.3 Within 30 days of receipt (or deemed receipt) of a Transfer Notice, Sourced shall be entitled (but not obliged) to give notice in writing to the Individual(s) that it wishes to purchase the Sale Shares at the Proposed Sale Price (the �Purchase Notice�), in which case Sourced is bound to buy and the Individual(s) is bound to sell all of the Sale Shares at the Proposed Sale Price, with such sale to complete within 20 Business Days of receipt (or deemed receipt) of the Purchase Notice. 23.6 Where the Franchisor consents to a transfer, that consent will remain conditional upon the proposed transferee entering into the Franchisor's then-current form of Franchise Agreement as being offered to new Franchisees at the time. Our policy for changing franchise ownership is therefore as follows. 1. Sourced receive a written request from a Franchisee to update the directors involved in their franchise, and provide details are as per the contract clauses above, requests should be emailed to Victoria.phoenix@sourced.co. 2. If the request is approved the Franchisee is to sign the most up to date version of the contract. 3. If there are any other conditions, that need to be included/removed this will be added at this point. 4. The Franchisee pays any fees requested by Sourced as part of the deal. 5. Contract will be sent to all parties for signature.