6:35 am, March 21, 2024
Six new directors have been appointed to the company behind used car supermarket Big Motoring World.
The updates at Companies House follow the mystery that surrounds founder Peter Waddell’s sudden departure from the group for a ‘leave of absence’ two weeks ago.
The changes at Bapchild Motoring World (Kent) Limited include the appointment of Neil Hodson, former managing director of HPI and CEO of auction firm Aston Barclay, to the board.
James Cartwright, Alex Potter, Giles Gradassi, Reza Fardad and David Thorley were also appointed as directors yesterday (March 20).
Fardad is a partner at investment firm Freshstream which bought a third of the business in 2022.
The six new directors follow the appointment of Thomas Clarke as a director on March 7.
Previously, only two were listed at Companies House for the firm – Peter Waddell and chairman Laurence Vaughan. Both are still active.
Changes were also made to the holding company – Bluebell Cars Bidco Limited – the ultimate controlling party of Bapchild Motoring World (Kent) Ltd.
Five of those listed above – Potter, Cartwright, Thorley, Clarke and Hodson – were also added as directors yesterday.
In its last accounts, Bapchild explained that, following the investment from Freshstream, the ownership structure of the business changed with the Bluebell holding company acquiring 35% of its shares and Peter Waddell HoldCo Limited retaining 62%. Accounts for the latter are now more than five months overdue.
Bluebell Cars Bidco Limited also has the ability to add and remove directors from the businesses.
Since the Freshstream investment Big Motoring World has rapidly expanded.
Last year, Waddell bought two Available Cars sites and before that bought SW Car Supermarkets. In the last five years his firm has expanded to eight sites, most recently opening a new dealership in Wimbledon.
However, two weeks ago the car industry was shocked at the sudden departure of Waddell from the company he founded.
A spokesperson for Big Motoring World said at the time that he was taking a ‘leave of absence’ only a day after appearing as a headline speaker at our Car Dealer Live event.
A video of that interview is available to watch on the CarDealerLive.co.uk website with a Replay ticket. This will give you access to all the sessions on the day.
‘Peter Waddell has taken a leave of absence from Big Motoring World, with Laurence Vaughan, executive chairman taking on his responsibilities on an interim basis,’ the company said. ‘Peter remains an employee and shareholder in the group.’
Peter Waddell and Big Motoring World have been contacted for further comment.
