11:29 am, November 14, 2022
A Castleford Peugeot dealership has transitioned to becoming employee-owned after its founder agreed to a sale.
Peter Ambrose (Castleford) Ltd was set up in its founders name in 1999 following a management buyout from the French brand.
Now one of the most-respected dealerships in the area, the business has changed hands for the first time in 23 years after Ambrose decided the time was right to step aside.
While he will remain involved with the firm, ownership has now transferred to the newly formed Peter Ambrose (Castleford) Trustee Ltd.
The employee ownership trust (EOT) will be operated by trustees with those working at the site able to reap the benefits.
On average, the business currently sells around 1,300 vehicles each year and has an annual turnover in the region of £25m.
Commenting on the sale, Ambrose said: ‘It is 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.’
Ambrose says the sale represents the business coming ‘full circle’ after he bought it via a management buyout scheme in the late 1990s.
He now hopes it will allow the company to grow and maintain its ‘customer first’ approach.
He added: ‘I originally bought the company from Peugeot under a management buyout 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.’
The sale was handled by specialist firm PM+M.
