Staff drive off with £5m car company

A £5M-TURNOVER car restoration company has been given to the staff by its owner.
Classic Motor Cars in Bridgnorth, Shropshire, employs more than 60 staff and has converted to an Employee Ownership Trust.
The company is currently working on 22 classic car restorations including Aston Martin, Jaguar and Lancia.
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.”
The board of trustees is comprised of outside professionals, chaired by Mr Neumark with an employee trustee, Luke Martin, voted on by his fellow workers, and former non-exec operational board member Richard Coe.
Mr 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.”
Tim Leese, managing director of the new operational board, added: “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.”
 
The firm is one of the most respected car restorers in the country and is best known for its work on historic Jaguars.

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