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Owner Gives Car Restorer Business To Workers

The owner of a classic car restorer has handed over the company to its employees.

Peter Neumark, 67, said he and co-founder Nick Goldthorp felt they had a "duty to oversee a passing of responsibility" at the company, Classic Motor Cars Ltd, that they started in 1993.

Mr Neumark has transferred his majority stake in the company to an employee shareholder trust.

The trust will own and run the business for the benefit of its staff, who number more than 60.

Based in Bridgnorth, Shropshire, the company had a turnover of £5.2m last year.

It restores classic cars such as Jaguar, Aston Martin and Lancia models.

Mr Neumark said an ownership structure similar to that of the John Lewis Partnership was the best home for the company to ensure its future.

He said it was seen as "safeguarding the jobs of its highly-skilled workforce and providing stability for future jobs and prospects".

Deb Oxley, chief executive of the Employee Ownership Association (EOA), said it was the "perfect example" to other company owners thinking about retirement.

She (Munich: SOQ.MU - news) said these types of businesses "demonstrate their commitment to rewarding the contribution staff make to a company's success by offering all employees a real stake in the company's future".

Britain's 50 largest employee-owned businesses have about 175,000 staff.

The John Lewis Partnership, which owns the John Lewis department stores as well as Waitrose, is by far the largest with more than 90,000.