12:26 pm, July 31, 2026
Peter Waddell and Big Motoring World have issued sharply contrasting accounts of a High Court judgment which handed significant victories to both sides.
Waddell declared ‘we won’ after his holding company succeeded in its unfair prejudice petition against companies linked to private equity investor Freshstream.
Big Motoring World responded by highlighting the failure of Waddell’s wrongful dismissal claim and the judge’s findings about his conduct towards staff.
The near-500-page ruling found that the process used to remove Waddell’s directorships and restrict his shareholder rights was invalid and unfairly prejudicial.
However, Mr Justice Marcus Smith also concluded that Big Motoring World was legally entitled to dismiss Waddell without notice because some of his conduct amounted to gross misconduct.
Freshstream’s initial exercise of its contractual Step-In rights was also found to be valid.
The judgment therefore delivered a split result, with Waddell winning the central shareholder petition but losing his claim that Big Motoring World had wrongfully dismissed him.
Waddell: ‘Justice has prevailed’
In a statement issued after the ruling, Waddell said: ‘We won.
‘Thank you to all my staff, suppliers, friends and family who have supported me over the past two years during such a hard time which should never have happened.
‘The High Court has today handed down its judgment in my case with Freshstream. I am pleased to announce that the unfair prejudice petition I brought against Freshstream has succeeded.’
Waddell said the judgment supported his case that Freshstream had sought to take control of Big Motoring World without exercising its option to acquire a further 35% of the company for no less than £72m.
He gave his interpretation of the ruling, claiming: ‘The High Court saw the overwhelming evidence that Freshstream planned and orchestrated a takeover of BIG without having to pay the £72m under the Call Option.
‘The judge has found that they stitched me up – with the help of a small group of BIG employees that benefited financially from my removal.
‘Justice has got in the way of their attempt to steal BIG away from me.’
The judge did find that Freshstream had stored up allegations about Waddell’s misconduct before deploying them in March 2024 as part of a predetermined plan known as ‘Option 4’.
He also ruled that the MDE Investigation Notice and subsequent MDE Notice were invalid, making the resulting exercise of MDE rights unlawful and unfairly prejudicial to Peter Waddell Holdco Limited.
Big Motoring World chief executive Laurence Vaughan and Freshstream representative Reza Fardad were both found to have breached their duties as directors.
Waddell called for the immediate resignation of those he described as being ‘at the centre of the conspiracy’.
The judgment did not determine a formally pleaded conspiracy claim, but it made extensive findings about the planning and implementation of Waddell’s removal.
Big Motoring World: Court backed dismissal
Big Motoring World focused its response on the parts of the ruling which went against its former CEO.
In a statement, the company said: ‘In a judgment handed down in the High Court today, Mr Justice Marcus Smith dismissed the claims pursued against Big Motoring World by its former chief executive officer, Peter Waddell, in relation to his dismissal.’
The company said the judge found Waddell had committed numerous acts of bullying and serious harassment, as well as repeated use of sexist and racist language in the workplace.
It added: ‘As a result of Mr Waddell’s gross misconduct, the judge held that Big Motoring World was entitled to summarily dismiss him as its CEO and his claim against BIG for wrongful dismissal has therefore failed.’
That accurately reflects the judge’s conclusion that Waddell was not wrongfully dismissed, although the judge separately found that the process by which the dismissal was reached was unfair.
He said the unfairness of that process did not alter the common law position because sufficiently serious misconduct existed to justify dismissal without notice.
Big Motoring World also said the judge rejected Waddell’s claims that the company had been mismanaged since his departure.
The ruling found that the evidence did not establish that Big Motoring World had been mismanaged or that any deterioration in its position had been caused by the current leadership.
The company also highlighted the finding that Freshstream had validly exercised its Step-In rights.
Its statement said those rights ‘remain in full force and effect’.
The court found that the First Step-In Notice was valid and rejected Waddell’s attempt to have the Step-In Notices declared unlawful.
‘Bravery’ of staff praised
Big Motoring World said it would not comment on findings involving disputes between shareholders or breaches of directors’ duties.
It added: ‘The judgment is testament to the bravery of the numerous victims who gave evidence in relation to Mr Waddell’s bullying and harassive behaviour.’
A representative of the company said: ‘We are glad that the court has determined that Big Motoring World was entitled to remove Mr Waddell as its CEO.
‘We will always act to protect our team members and ensure Big Motoring World has an open and supportive culture.
‘Our outstanding management team will now concentrate on continuing to deliver record results and to grow the business for the benefit of all shareholders.’
Waddell attacks company performance
Waddell, meanwhile, criticised the use of Big Motoring World funds to fight the case and repeated claims about the company’s performance since his departure.
He said: ‘I look forward to the day when the money which was unfairly spent by my own company fighting me is returned to the business, where it can go some way towards addressing the substantial losses the company has incurred since my departure.
‘Since then, customer service ratings on Trustpilot have declined, more than £20m has been lost from the company’s balance sheet, and several employees have, in my view, been unfairly dismissed.’
However, the court did not find that Big Motoring World had been mismanaged since his departure and rejected that part of the unfair prejudice case.
Waddell concluded: ‘I am grateful that justice has prevailed, and I look forward to helping restore BIG to the multiple award-winning, successful and enjoyable place to work that it once was.
‘Thank you, thank you, thank you.
‘Go Big or Go Home.’
What happens next?
The court has not yet decided what remedy Peter Waddell Holdco Limited should receive after succeeding in the unfair prejudice petition.
The judgment does not immediately restore Waddell to Big Motoring World’s management, award damages or require Freshstream to sell its stake.
Big Motoring World said a hearing to determine consequential matters, including any applications for permission to appeal, will take place later this year.
The precise consequences of the ruling will therefore be decided at a later stage.