Boss of £300m used-car firm was ousted after ‘orchestrated plan’ by investors, judge rules

Multimillionaire Peter Waddell is also found to have been properly dismissed from Big Motoring World for gross misconduct A multimillionaire used-car salesman was ousted from his £300m company after “a pre-conceived and orchestrated plan” devised by private equity investors that had backed his business, a high court judge has ruled. Peter Waddell, 60, was forced out as the chief executive of the Kent-based dealership Big Motoring World in 2024 in a coup that resulted in “more-or-less open warfare” at the car seller and caused “unfair prejudice” to the investment company that held Waddell’s majority stake. The judgment came despite Waddell also being found by Mr Justice Marcus Smith to have been “properly dismissed for gross misconduct” after allegations he made a series of racist and sexist remarks. However, the judge further concluded that Big Motoring World’s private equity investor, Freshstream, did not address Waddell’s behaviour in order to later trap him and then attempt to seize full control of the business without paying for the shares via a pre-agreed contract known as a call option. Smith said: “I have found the formation and execution of a pre-co