The abort fee covers our advisory work on an acquisition that doesn't complete because you decide not to proceed. It applies only if you've signed our engagement letter and a lender has issued a credit-approved offer, and it's proportionate and capped.
The stages
- Before an AIP, or if you don't sign the engagement letter: nothing to pay.
- Stage 1 (engagement letter signed, before credit approval): the retainer is retained only.
- Stage 2 (you decide not to proceed after the first credit-approved term sheet is issued): 0.5% of the credit-backed facility, capped at 33% of the success fee.
- Stage 3 (you decide not to proceed with the deal in legal phase, after heads of terms): 1.0% of the credit-backed facility, capped at 50% of the success fee.
The caps apply to the percentage charge. The retainer is payable in addition.
When it doesn't apply
The abort fee does not apply if no lender issues a credit-approved offer, or if the transaction does not complete for any reason other than your decision not to proceed, for example the seller or the lenders withdrawing. Start-up and growth finance carry no abort fees.
A worked example
On a £1,000,000 acquisition (success fee £23,750, retainer £2,500):
- If the deal completes, you pay £23,750 total (success fee, with the £2,500 retainer credited).
- If you decide not to proceed at Stage 2, you pay £7,500 total (retainer + 0.5% of facility).
- If you decide not to proceed at Stage 3, you pay £12,500 total (retainer + 1.0% of facility).
- If no lender issues an AIP, or you don't sign the engagement letter, you pay nothing.
- If you've signed but no credit-approved offer follows, you pay the retainer only (£2,500).
Why there's an abort fee
Solicitors and accountants charge whatever the outcome. We charge proportionately, and only if you decide not to proceed after a lender has issued a credit-approved offer.
Read the full commission policy.
Last reviewed: 8 October 2026