Bridgnorth-based restoration specialist CMC has been passed over to an Employee Ownership Trust, to safeguard the future of the business
What do John Lewis stores and a classic car restoration company have in common? Both share their business with their staff. Multi-million pound renowned restoration company Classic Motor Cars Ltd, based in Bridgnorth, has just been given to its staff by its owner Peter Neumark.
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.
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.
Neumark said: ‘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.’
Right now, the company is working on more than 22 classic car restorations including many marques such as, Aston Martin, Jaguar and Lancia, amongst others.