A highly successful and globally renowned classic car restoration company in Bridgnorth, Shropshire, which last year turned over £5.2 million, 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.”
The day to day management of the business will be controlled by an operational board, chaired by David Barzilay and comprising of Managing Director Tim Leese, Production Director Tim Griffin, plus non-execs Nick Goldthorp and Richard Charlesworth (latterly of Bentley).
They in turn will report to a board of trustees who are responsible for the good governance of the company and ensuring it is run in the best interests of its beneficiaries, the employees.
The board of trustees is comprised of outside professionals, chaired by Peter Neumark with an employee trustee, Luke Martin, voted on by his fellow workers, and former non-exec operational board member Richard Coe.
Currently the company is working on more than 22 classic car restorations including many famous marques such as, Aston Martin, Jaguar and Lancia, amongst others.
Picture credits: CMC/David Bagnall
Classic Motor Cars Ltd of Bridgnorth | One of the world’s premier restoration companies
Classic Motor Cars was founded in 1993 and has over the ensuing years built an international reputation for car restoration world-class standards. Staffed by a highly experienced team of engineers and technicians, they operate from modern 36,000 sq. ft. premises and, with the exception of chrome plating, every aspect of a car’s restoration, servicing and even bespoke car design is carried out in-house.
CMC is also the only major restoration company providing 24,000 sq. ft. of specialised storage space for classic and sports cars, right next to its prominent facilities. Some 50 to 60 cars can be found in the workshops every month including Jaguar, Aston Martin and Lancia, amongst others.
CMC is especially proud of its apprenticeship schemes with young people learning their trades in trimming, auto electrics, bodywork, paintwork and general mechanical skills.