Cars for Stars News

A successful classic car restoration firm in Shropshire has this week made a great announcement, restructuring the business to give its staff ownership. The multi-million pound firm was owned and chaired by Peter Neumark, making this change as retirement encroaches.

The Guardian reports that the employees will share profits, formatted in a very similar way to the John Lewis Partnership. Giving annual payouts as a percentage of their wage Naumark is also giving away the first 3,600 bonus tax-free, an eventuality that will no doubt encourage a happy workforce.

Neumark said he was “nearer 70 than 60”, with this change marking new times within the company. Nick Goldthorp, another co-founder of the firm is also retiring soon, feeling that the staff would be the best people to take the business forward.

“We felt we had a duty to oversee a passing of responsibility, and who better than the workforce themselves” Neumark explained.

“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” he continued.

Overwhelmed by this share option the staff are extremely grateful with Luke Martin, 31, excited to be involved in decision making. Joining the company as an apprentice 12 years ago he quickly worked his way up to become head panel beater in charge of body fabrication. He said:

“We are all a bit shocked, it took a while to sink it. We’ve got this amazing opportunity to put ideas on the table and shape a business. It gives everyone drive to work a little bit harder when it’s your business.”

Let us know what you think, is this a great staff incentive or a bad move from the boss? Leave your comments below.