Retiring owner gives company to staff

Classic Motor Cars, which had a turnover that exceeded £5million last year, has been given to staff.

The company, which restores classic cars such as Jaguars, has a workforce of over 60 people.

The company has become an Employee Ownership Trust (EOT), which means that the staff will now own and run the business themselves.

Peter Neumark, who has owned the firm since 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."