Simon Hope, the Chairman of H&H Classics, announced on the 2nd December that he has transferred his complete 100% shareholding in H&H to a trust owned in its entirety by the employees. This development means that H&H Classics, after 28 years, is now completely employee owned and on the next stage of its continued development as a business.
The model of Employee Ownership Trust is similar to that of Richer Sounds, a ‘passion’ business like H&H, where it has proved to be extremely successful.
The structure means there is a Board of Trustees, of which Simon is the Chairman, to ensure the company is run in the best interests of the employees.
The day-to-day management of the company will remain with the team that has been running the company for the past two years, led by Colette McKay and Damian Jones, but of course it now means that clients dealing with any member staff will know they are speaking to one of the owners of the business. They can therefore be assured of the ultimate level and commitment and service.
H&H is one of Europe’s leading classic car auctioneers and is the longest established specialist classic car and motorcycle specialists. It holds world records in all departments and sells for and to collectors and museums around the world.
Colette McKay comments: “On behalf of all the staff at H&H I thank Simon for this fantastic opportunity to build on his success and to further develop the business. Our brand values of professionalism, efficiency and friendliness will continue as will our commitment to provide clients with unequalled levels of service and customer care. Our plans for next year will continue much as before with six car, three motorcycle and online sales in between.“
Simon Hope comments: “I am delighted to be able to hand over the business to the right team to take the business forward. I am confident that they will take the business from strength to strength.”