Home Business NewsBusiness Multimillion-pound classic car business handed over to workers

Multimillion-pound classic car business handed over to workers

31st Aug 16 9:36 am

Vroom vroom

A highly successful and globally renowned classic car restoration company in Bridgnorth, Shropshire, which last year turned over £5.2m, has been given to the staff by its owner.

Classic Motor Cars Ltd (CMC) employs more than sixty staff and has restored some of the world’s most important cars including many famous Jaguars.
The company has become an Employee Ownership Trust (EOT), which means that the staff will own and run the business themselves.

Peter Neumark, who has owned and chaired the company since its inception in 1993, said: “I am nearer seventy than sixty and Nick Goldthorp, who founded this great business with me and has been largely responsible for where we are today, is now approaching retirement age, so we felt we had a duty to oversee a passing of responsibility, and who better than the workforce themselves.”

So on Friday 26th of August 2016, a majority shareholding owned by the chairman was transferred into a new entity The Classic Motor Cars Ltd Employee Shareholder Trust, thereby passing control to a trust set up for the benefit of the employees of CMC.

Peter Neumark added: “This sort of structure best exemplified by the John Lewis Partnership was deemed to be the best home for the company to ensure its future, safeguarding the jobs of its highly skilled workforce and providing stability for future growth and prosperity.

“Virtually every example of an EOT business we looked at showed greater profitability, greater productivity, better staff retention and ultimately of course happier customers. I am extremely proud of what we have achieved and I look forward to watching the company continue to set the standards for world-class car restoration.”

Tim Leese, Managing Director of the new operational board, said: “These are very exciting times and the whole team is very grateful for Peter’s generosity and everyone looks forward to making a greater contribution to the company’s future success.”

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