The owner of a classic car restoration company has given the firm to its staff as part of a John Lewis-style trust.
Classic Motor Cars Ltd, based in Shropshire, employs more than 60 staff, restoring historic Jaguars and a variety of other classic cars. Last year it turned over £5.2 million.
The company was established in 1993 by chairman Peter Neumark, who has now decided to retire – transferring his majority sharehold into a new entity, The Classic Motor Cars Ltd Employee Shareholder Trust.
He 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.
“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.”
An operational board will oversee the day-to-day running of the business, reporting to a board of trustees who are responsible for ensuring it’s being run in the employees’ best interests.
Neumark added: “Virtually every example of an employee-owned trust 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.”
More than 22 classic car restorations are taking place at CMC, including Aston Martins, Jaguars and Lancias.
Past projects to be given the CMC treatment include the oldest Jaguar E-Type left in existence: 9600 HP, a prototype shown at the 1961 Geneva Motor Show.