Judge rules investors orchestrated plan to oust £300m used-car firm boss

A High Court judge has ruled that private equity investors devised and executed a plan to remove the founder of a £300 million used-car firm, Big Motoring World. Peter Waddell, 60, was ousted as chief executive in 2024 following what the judge described as "more-or-less open warfare" within the company.

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I have found the formation and execution of a pre-conceived and orchestrated plan which worked backwards from Freshstream’s aim of achieving permanent control of, and Mr Waddell’s removal from, the business without having to exercise the call option.

While Mr Justice Marcus Smith found Waddell was "properly dismissed for gross misconduct" over allegations of racist and sexist remarks, he concluded that the investor, Freshstream, did not address Waddell's behavior promptly. Instead, the judge stated, Freshstream allowed the misconduct to continue until it could force Waddell out without triggering a pre-agreed contract for buying his shares. This, the judge found, was a "pre-conceived and orchestrated plan" to gain full control.

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Without question, there were matters that should – long before this point in time [2023] – have resulted in some form of disciplinary process against Mr Waddell, hopefully not resulting in dismissal but in imposing limits on someone who was (for all his serious faults) the gifted and duly appointed [chief executive] of Big.

Waddell, who has a history of deafness and dyslexia and overcame homelessness to build his business, expressed that "justice had been done" and aims to reacquire the company. His past behavior was known to Freshstream before they invested. The company grew to 525 employees with significant revenues and profits before Freshstream acquired a stake in 2022.

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justice had been done

A spokesperson for Freshstream welcomed the findings of Waddell's dismissal for gross misconduct, including bullying and sexual harassment, and noted that several of Waddell's claims failed. The spokesperson stated that Freshstream remains committed to the company's future.

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We welcome the judge’s findings that Peter Waddell was rightly dismissed for gross misconduct, including repeated acts of bullying and harassment (including sexual harassment).