I would imagine this takeover is well covered by the UK Law concerning TUPE (Transfer of Undertakings - Protection of Employment)
Employees' position in a transfer
When an undertaking is transferred the position of the employees of the previous or new employers is as follows:
* An employee claiming to have been unfairly dismissed because of a transfer has the right to complain to an employment tribunal.
* Transferred employees who find that there has been a fundamental change for the worse in their terms and conditions of employment as a result of the transfer generally have the right to terminate their contract and claim unfair dismissal before an employment tribunal, on the grounds that actions of the employer have forced them to resign. Employees may not make this type of claim solely on the grounds that the identity of their employer has changed unless the circumstances of an individual case change and that change is significant and to the employee's detriment.
In both the above cases dismissal because of a relevant transfer will be unfair unless an employment tribunal decides that an economic, technical or organisational reason entailing changes in the workforce was the main cause of the dismissal and that the employer acted reasonably in the circumstances in treating that reason as sufficient to justify dismissal. Even if the dismissal is considered fair, employees may still be entitled to a redundancy payment
Full details in the UK Government TUPE Brochure.
TUPE Regulations Guide
Go get him boys and girls !!!