Peter Ambrose transitions to Employee Owned Business
The ownership of franchised car retail business Peter Ambrose Peugeot is set to start a “new chapter” under new ownership after being sold to a trust formed by its employees.
Founder and managing director Peter Ambrose will remain in position as part of a handover process of the £25 million turnover business – located on Methley Road, Castleford, West Yorkshire – to the newly-formed Peter Ambrose (Castleford) Trustee operation.
The business’s new leadership team will comprise of sales director David Brown, aftersales director Christian Firth, finance director Dianne Harrison and chairman Paul Keaveney.
Ambrose, who established the business in 1999, said: “It’s a very exciting time for the company with lots of opportunities as we move into a new age that will be more and more dominated by electric and hydrogen vehicles.
“I knew I was going to sell the business one day, but I wanted the structure to be right and the option of creating an EOT really appealed to me.
“We’ve always put our people at the heart of our operations so this option felt like a natural transition as the business will remain in the hands of those who have made it what it is.
An employee ownership trust (EOT) can allow business owners to sell a controlling stake in their company to realise their value whilst passing the company into long term employee ownership.
The EOT is operated by trustees, and the beneficiaries are the employees of the company at any given time.
Jane Parry, managing partner and head of tax at PM+M, and Jonathan Cunningham, manager in the tax team at PM+M, provided tax and transaction advice to the company, the shareholders and the trustees of the new EOT.
Brabners provided additional legal advice for the Trustees, meanwhile, whilst Tony Tinker of TT Business Services Ltd delivered accounting support.
Ambrose said: “I originally bought the company from Peugeot 22 years ago under a management buyout (MBO) scheme so it feels like we’re coming full circle as the employees will have a similar opportunity to further grow the business for the benefit of our customers as well as current and future staff.
“I will continue to work closely with the management team, supporting them to ensure we continue to develop and maintain our philosophy of putting the customer first in all our transactions.”
Peugeot's transition to zero emissions-capable electric vehicles (EV) gathered pace this year with all its MPVs transitioning to full EV drivetrains, the unveiling of the new e-308 EV and, last week, the opening of order books for its new 408 Fastback.