Boss 'gives' employees classic car company Published duration 27 August 2016

image caption Staff applauded after Mr Neumark handed the firm over them

The founder of a classic car restoration company has given the business to his employees.

Peter Neumark said he wanted to turn Classic Motor Cars Ltd in Shropshire into an employee-owned trust, meaning the 60 staff will own and run the firm.

It follows the John Lewis department store model, in which staff share benefits and profits from the business.

Mr Neumark said he "couldn't think of a better set of owners" to run the firm he started 23 years ago.

"If I keel over tomorrow - which I'm not planning to, but you never know - then it was important to me that this business had a good home and I can't think of a better set of owners than the employees themselves," he said.

'Back from the brink'

image caption Peter Neumark said he 'couldn't think of better owners' for his company

The Bridgnorth-based company, which turned over more than £5m last year, has restored numerous classic vehicles, including many famous Jaguars.

New chairman, David Barzilay, said it was important the skilled workforce was able to continue.

"Restoring cars in a traditional manner has been something of a dying art." he said.

"Classic Motors Cars is one of the companies that has brought that back from the brink.

"We have just over 60 people here but we have seven apprentices - one for every 10 members of staff - because we believe these skills are very important and should be maintained."

image caption New chairman David Barzilay said the skilled workforce was important to maintain

Mr Neumark said the move was "great for the staff, great for Shropshire and the West Midlands and great for the classic car world, which every year creates several billions for the British economy and is respected worldwide".