Section 257MH | The number of employees requirement

(1)If the social enterprise is a single company, the full-time equivalent employee number for it must be less than 250 when the investment is made.

(2)If the social enterprise is a parent company, the sum of—

(a)the full-time equivalent employee number for it, and

(b)the full-time equivalent employee number for each of its qualifying subsidiaries,

must be less than 250 when the investment is made.

(3)The full-time equivalent employee number for a company is calculated by taking the number of full-time employees of the company and adding, for each employee of the company who is not a full-time employee, such fraction as is just and reasonable.

(4)In this section “employee”—

(a)includes a director, but

(b)does not include—

(i)an employee on maternity , paternity , parental bereavement or neonatal care leave, or

(ii)a student on vocational training.