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. Known throughout the global classic car circuit, the Bridgnorth business turned over £5.2 million, and is the latest company to have been given to the staff by its owner under an Employee Ownership Trust (EOT).

Since setting up the business in 1993, chair and owner Peter Neumark, decided to pass on ownership of his business to the people instrumental for its success. “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,” he said.

“And who better than the workforce themselves?”

Last Friday, 26th of August 2016, a majority shareholding owned by the chair 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.

Read: Employee Ownership Trusts could prove valuable for succession planning

“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,” Neumark added:

According to Neumark, virtually every example of an EOT business shows 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.”

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, non-execs Nick Goldthorp and Richard Charlesworth (formerly 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 voted in by his fellow wokers, Luke Martin, 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.