Peter Waddell to ‘take big fight with Freshstream to High Court’

By automotive-mag.com 3 Min Read

Peter Waddell, founder of Big Motoring World has vowed to take legal action against his removal from the company.

Waddell, who last week was terminated as a director of the company, has declared his plan very publicly on LinkedIn to take legal action to fight his case.

Posting on LinkedIn, he said: “Resting today at my pool ready for the big fight with Freshstream on the 22 in high court. Go big or go home hey.”

The motor sector looks set for a showdown between one of the sector’s best-known entrepreneurs and private equity.

Two years ago, private equity group Freshstream took a stake in Big Motoring World to accelerate its expansion.

At the time Waddell welcomed the move but although details are sketchy the relationship hit the rocks.

“We are delighted to be partnering with Freshstream and look forward to working with them as we continue to scale and grow Big Motoring World. Their investment and expertise will allow us to further accelerate our ambitious growth strategy.

“With the support of our senior leadership team, we have to date achieved impressive growth. The news today will allow us to progress further and faster still.”

Reza Fardad, Partner at Freshstream, said at the time: “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.”

In October last year Big Motoring World acquired the trade and assets of Midlands and Yorkshire used-car retailer, Available Car. The acquisition followed Big Motoring World’s expansion into Wimbledon.

Big Motoring World told Motor Trader: “The business is for now unable to comment.”

 

 

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