08 March 2024

Financiers behind Big Motoring World, one of the UK’s largest used car supermarkets, have kicked out founder Peter Waddell, according to Auto Retail Agenda sources.

The action, believed to have been taken by private equity firm Freshstream, was understood to have been taken late on Thursday 7 March with staff at Big Motoring World informed on the morning of 8 March.

Auto Retail Agenda understands that Big Motoring World chairman Laurence Vaughan has taken over day-to-day running of the business. Vaughan was previously chairman of Sytner.

When contacted about Waddell’s departure, Vaughan declined to comment, saying only that: “Peter is taking a leave of absence.”

A spokesman for Big Motoring World confirmed this, adding: “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. Peter remains an employee and shareholder in the group.”

It is unclear why Waddell was removed by Freshstream, however, Auto Retail Agenda sources say relations between the two parties had been strained for some time.

Waddell founded Big Motoring World in 1986 and has grown the business to be one of the UK’s largest used car supermarkets with 650 employees and retailing more than 70,000 cars a year.

Freshstream invested in Big Motoring World in April 2022 with the aim of helping the company grow. At the time Reza Fardad, partner, at Freshstream, said: “We are thrilled to be supporting the Big Motoring World team on the next chapter of their development. They have built a well-regarded platform and are well-positioned to capitalise on the sector trends in the coming years.”

The funding allowed Big Motoring World to buy rival Available Car, as exclusively revealed by Auto Retail Agenda.

The news follows the announcement earlier this week that one of Big Motoring World’s rivals Cazoo was to stop retailing cars.

Both Fresh Stream and Waddell were contacted for comment.

Tags: Big Motoring World, Freshstream, used cars