Car dealership tycoon ousted from his Kent company in ‘coup’, high court hears
A multimillionaire used-car salesman, Peter Waddell, claims he was ousted from his role as CEO of Big Motoring World following a conspiracy involving business rivals and private equity investors, amid allegations of misconduct.
Peter Waddell, a multimillionaire used-car salesman, has alleged that he was removed as the chief executive of Big Motoring World in a 'coup' orchestrated by business rivals and private equity investors. During a high court hearing, he claimed that these conspirators designed a plan to ensure that an investigation into alleged misconduct concluded with findings that warranted his dismissal. While Waddell maintains that he is the majority shareholder of the company, he is facing serious allegations related to making racist and sexist comments, with one example cited being his referring to a colleague of Hindu background as 'Hyundai'.
Waddell's background adds a compelling context to this legal battle, as he rose from a challenging childhood marked by time in care and homelessness to becoming a successful entrepreneur within the car dealership industry. He built Big Motoring World into a substantial business, boasting revenues of £371 million and profits of £6.6 million as of 2021. The case has drawn attention not only for the allegations against him but also for the high-stakes corporate machinations that led to his ousting.
The implications of this case could resonate beyond the courtroom, potentially affecting the reputation of Big Motoring World and its future operations. As Waddell defends against the claims of misconduct, the ongoing legal proceedings will likely reveal more about the internal dynamics of the company and the broader implications for corporate governance and accountability in the sector.