Classic Motor Cars Ltd., a successful classic car restoration company in Bridgnorth, Shropshire, UK, which last year turned over £5.2 million, has been given to the staff by its owner. CMC employs more than 60 staff and has restored some of the world’s most important cars including many famous Jaguars. The company has now become an Employee Ownership Trust (EOT), which means that the staff (above, David Bagnall photo Courtesy of CMC) 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 70 than 60, 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. 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.”
The company is currently working on more than 22 classic car restorations, including many famous marques such as Aston Martin, Jaguar and Lancia.