Every now and then, something wonderful happens. A baby giggles. A drunk man walks into a lamppost resulting in a comical ‘thud’. Or, in the case of Classic Motor Cars Ltd, the boss gives the company to the employees. That’s a big deal. And with economy how it is (that makes us sound like our Dad) it’s a brilliant thing to see. Much better than (we’re channeling Dad again) fat-cat bankers running off with the money. Or ANYTHING to do with Sports Direct.
Peter Neumark has owned and chaired the Shropshire-based company since it’s inception in 1993 said, somewhat humbly, “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.”
Now as you can imagine, there’s a plan for the classic car restorers. They’re not being given slices of the business on a plate. The company is now an EOT, or Employee Ownership Trust. This means the staff will each own part of that trust, while the operation as a whole will be overseen by an operational board. Furthermore, it means the staff all have a real say in the business.
It should be good for the business’s future, too. We’ll let Peter explain: “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.”
As the company moves forward with its work on Astons, Jaguars, Lancias and more, the staff can be sure of a safe and profitable future. Not many people would have gifted their business to the staff. Most would have sold up and called it a day. But because Peter’s love for the company far outweighs a need for cash, he’s been able to take this route. And that’s brilliant.
Furthermore, there is now another classic car business gaining strength. That’s no bad thing at all. You can see the work of Classic Motor Cars here.