A High Court judge has ruled that private equity investor Freshstream orchestrated Peter Waddell’s removal from Big Motoring World, the used-car firm he founded, as part of a plan to gain permanent control without using a contractual option to buy his shares. The ruling matters because it found that the process caused unfair prejudice to the company holding Waddell’s majority stake, despite the judge also concluding that Waddell’s dismissal for gross misconduct was justified.

Waddell, 60, was forced out as chief executive in 2024 after Freshstream bought about a third of the Kent-based business in 2022. The judge said Freshstream allowed allegations of racist, sexist and bullying behaviour to continue unaddressed until it could exclude him, although Freshstream said it welcomed the finding that he was properly dismissed and remains in control; Waddell said he hoped to buy the business back. Big Motoring World had 525 employees, £371m in revenue and £6.6m in profit in its 2021 accounts.