Classic Motor Cars CEO hands over company ownership to his staff

Classic Motor Cars (CMC) Ltd employs more than 60 staff and has restored some of the world's most important cars including many famous Jaguars. The company has become an Employee Ownership Trust, 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 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."

So on 26^th 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. Currently the company is working on more than 22 classic car restorations including many famous marques like Aston Martin, Jaguar and Lancia.