Boss of £300m used-car firm was ousted after ‘orchestrated plan’ by investors, judge rules
Summary
A judge ruled that private equity investors behind a £300 million used-car company planned in advance to remove the company’s CEO, Peter Waddell, from his role. Although Waddell was properly dismissed for serious misconduct, the court found the investors delayed addressing his behavior to gain full control of the business without paying for his shares.Key Facts
- Peter Waddell was CEO of Big Motoring World, a used-car dealership valued at £300 million.
- Private equity firm Freshstream invested in the company in 2022, acquiring about one-third of the shares.
- The judge found Freshstream had a planned strategy to remove Waddell and take full control of the business.
- Waddell was dismissed for “gross misconduct” after making racist, sexist, and bullying remarks.
- Freshstream delayed acting on Waddell’s behavior until they could force him out without paying for his remaining shares.
- Waddell built the company from scratch, growing it to 525 employees and £371 million in revenue in 2021.
- Waddell said he wants to regain control of the company after the ruling.
- Freshstream says it was right to dismiss Waddell and is reviewing legal options regarding the judge’s other findings.
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