Southern Classics isn't just any name in the world of classic car restoration and repairs; it's a brand that's been synonymous with passion and precision. Now, as they transition to an Employee Ownership Trust (EOT), they're not just turning over a new leaf; they're starting an entirely new chapter. This shift is significant news, underscoring a steadfast commitment to maintaining the essence and approach that has always distinguished them since being founded in 1979 by a close-knit group of automobile enthusiasts.
Staying True to Roots While Advancing
At the helm, founder Steve Berry has been the catalyst behind Southern Classics' ascendancy, championing unparalleled expertise in reviving classic vehicles. Recognising the critical role his team plays, Steve envisaged a succession plan that would respect the company's heritage and empower those who've been pivotal to its success.
Guidance Through Transition: BuyMyBiz Steps In
When it was time to contemplate the future, BuyMyBiz.co.uk was enlisted to plot the course ahead. They immersed themselves in analysis, weighing up a variety of exit strategies, from outright sale to transitioning to employee ownership. Despite attracting interest from various potential purchasers, none seemed to ensure the continuity of the culture and ethos that Southern Classics holds dear.
Employee Ownership: A Collective Triumph
After meticulous consideration, transitioning to an Employee Ownership Trust stood out as the optimal choice, resonating with the company's values. This arrangement not only facilitates a respectful exit for Steve but also engenders a heightened sense of belonging and motivation among the employees. It's a strategy that retains the core team and protects the company's fundamental values.
A Promising Road Ahead
Moving to employee ownership positions Southern Classics as a pillar of stability and innovation within the classic car restoration industry. This strategic shift not only secures the company's legacy but also highlights its dedication to its workforce, emphasising the importance it places on community and artisanship.
In Conclusion:
By adopting an EOT, Southern Classics is doing more than just safeguarding its future. It's establishing a progressive precedent for how businesses can honour their history while boldly embracing the future. This transition is a testament to the belief that when employees have a stake in the outcome, businesses are not only more united; they are more dynamic and resilient. This initiative is about invigorating the entire team to foster innovation, quality, and growth, ensuring that Southern Classics continues to be at the forefront of the classic car restoration industry for many years to come.
Comments