World-renowned classic car
restoration company given to staff
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 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.
Peter Neumark with an employee
trustee, Luke Martin, voted on by his
fellow workers, and former non-exec
operational board member Richard
Coe.
“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.”
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.
im 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, nonexecs 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 composed
of outside professionals, chaired by
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. foot 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. feet 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.
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