Furrows, with 300 employees across its main sites in Shrewsbury, Oswestry and Telford, has announced it is moving to an employee ownership future.
The new Furrows Employee Ownership Trust (EOT) will own 75% of the business. The Coward family will remain significantly involved, retaining the other 25%. Chairman Nic Coward will continue the partnership with MD Dave Farthing to work with the current board of directors.
Coward said: “For as long as I can remember we have always talked about the Furrows Family and our way of doing things.
“We have always believed in the power of being firmly rooted in the community and working to create the best possible service for our customers. It was very important to my Dad, John Coward, when he was leading the business and remains just as true today.
“When thinking about the future, creating an Employee Ownership Trust was the obvious choice to preserve all that makes the business special, in an exciting new way.”
Furrows has been a Ford Dealer since 1918, more recently adding Kia and Skoda.
Advisers on the project included Grant Thornton, Whittingham Riddell and DWF.
