Those of you interested in classic cars and, in particular, the restoration of such vehicles may be interested to read that a company that restores classic cars is to be owned by its workforce. The company concerned is called Classic Motor Cars Ltd and is based in the delightful town of Bridgnorth in Shropshire.
Peter Neumark who co-founded the company around 23 years ago would appear to feel that this is the best way forward from the company’s point of view. He obviously has a valued workforce whom he has every confidence in. There are in excess of 60 staff with a number of apprentices so hopefully those apprentices will stay with the company for many years to come. It will be interesting to observe if this new ownership arrangement will encourage any of the workforce to work even harder than they presumably already do. Last year, the company had a turnover exceeding £5 million.
This sort of arrangement sounds quite similar to that of the John Lewis Partnership whose staff share in the profits of the company and receive a bonus when deemed appropriate. There are believed to be a number of other companies in the UK that are owned by employees in a similar way.
The company has restored a lot of classic Jaguar cars over the many years that is has been established and, apparently, has a reputation for working in a traditional way. For those of you who do some of your own classic car restoration work this is something that many of you will appreciate.
We are sure that many of our readers will wish this classic car restoration company every success in the future as it looks to embark on its new ownership structure. Hopefully, Mr Neumark and his co-founders will be able to look back in the coming years and feel that the correct decision was made.