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£0 to multi billion pound business, a giant court case, grit and determination with Peter Waddell

63m 46s

£0 to multi billion pound business, a giant court case, grit and determination with Peter Waddell

Peter Waddell shares his remarkable journey from a difficult childhood in a children's home to becoming a successful car dealer and entrepreneur. After being homeless as a teenager, he started by driving minicabs and selling cars, eventually building a thriving business with over 1,700 employees and annual revenues exceeding a billion pounds. His success allowed him to acquire a historic home once associated with Winston Churchill, and he embraced a philosophy of aiming high and working hard. However, his story takes a dramatic turn when he sold a majority stake to private equity firm Freshstream. Peter claims he was promised growth and an eventual IPO, but instead faced a coordinated effort to remove him from the business. He describes a "plot" involving secret payments and fabricated reasons for his dismissal, leading to a lengthy legal battle. The court ruled in his favor, finding that Freshstream breached its duties as directors, and Peter is now poised to regain control of his company. Throughout the interview, Peter stresses the importance of resilience, entrepreneurship, and vigilance when dealing with private equity. He warns other business owners about the potential dangers of selling to such firms, emphasizing that his life's work was nearly destroyed. Despite the stress and challenges, Peter remains determined to save jobs and protect the company he built from the ground up, viewing the legal victory as a testament to his grit and character.

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[Music] This is Behind the Climb. I'm Kieran Harris. Every week I sit down with high performers who first real obstacles and we get into the part most people skip. Not the highlight reel, the grind, the doubt, the decisions that actually got them up the mountain. I run a scaling business as a founder and CEO, so I know the climb first hand and I want to help you make yours. We unpack grit, determination and mindset and we pull out the practical lessons that you can apply to your own business, your leadership and your daily life. No fluff, just a honest story behind the climb. Today on Behind the Climb you join me with Peter Waddell in his lovely monohouse here in the south coast of England. Today Peter and I talked about many things from building his business from the ground up, growing up in care, being homeless through to building one of the biggest car empires in the UK. Right through to going for his exit with private equity which led to a two year legal battle, definition of character and countless hours of stress. Peter goes into the grit he had, that's determination he had and the real reason why fights day in and day out. Join me now on Behind the Climb. Well Peter, thank you so much for inviting us into your home. It's absolutely stunning. I'm looking forward to seeing the resin driveway because we came in through the wrong entrance, we came in through the staff entrance, probably rather fitting with all these cameras and so on. Peter obviously there's a pressing matter at the moment isn't that you've had a battle on your hands. Before we get into that, I'd love to share with everybody watching this. How you go from humble beginnings to sitting in the house that was once Winston Churchill's residence? He used to come here, it was in his checker's house, he used to have his lunch here, the famous cigar and his bottle of champagne because he was into champagne wasn't he? So that was the story of the house, it was with the Bolly's slavery, William Pitt and Robofores and it's under the tree at the end of our house and the abolished slavery. It's got a bit of a history. And that big one, one of the biggest legal battles. Yes, it's quite a funny story because my son said to me, my son's young fella, so proud of him. And he said, let me bought the house many years ago. He said that and we didn't have a superior. So this house is Winston Churchill, it's this, it's that. He says you've killed history. So what do you mean son? He said never it's won by an old dumb car dealer. And I thank you son, thank you. Thank you very much for that lovely piece of information. So yes, that's the history of the house and that's what my son says of him. He's the hood of the bad dumb car dealer. But we'll be for we stay in the immediate something special and you can see it's back to its original sort of living. So yeah, it's absolutely gorgeous. And for the record, this carpet on the foot feels very plush. It's quite funny because people take these big houses and they have old radios and you have to go to a room and turn it on. We devise the system, we spend a million pounds, it's all electronically. So it feels comfortable in every room. Nice, so every single room is thermostatic. So it's all thermostatic the whole house. It's like a modern house, but an 18th century house. And you were just sharing with us about the driveway, the resin driveway? Yeah, we bought the company because it was cheaper to buy the company and then have the resin drive we'd done. Yeah, because our drive is a mile long, so it was cheaper. A mile long driveway. So we had it all raised in the drive all done so. I'll never forget someone said to me, you know you've made it when you can hit second gear on the drive. Well, that's correct. And you know, you make it even more when you can fly in at 60 knots in your helicopter. Yeah, exactly. Fantastic. So you've got to aim for the sky, haven't you? I learnt to fly helicopters many, many years ago. People said, "Pete, never do it. It's late, isn't it?" But that did work very hard and it achieved it. And I fly helicopters, so. Amazing. It depends on what you're looking for. You're only aiming for the skies, being the skies, isn't it? Go big or go home? Absolutely. And we definitely have gone big, but we know we're going to go bigger. Nice. Why does that not surprise me in the slightest? It's fun. You know, there's still a bit of an old life in this old dog yet. You know what I mean? It's 60 back. It's my son says to me, "Dead of the Earth, the party with a massive party, I'm afraid tonight we had a load of staff turn up." "A lot of me, it'd be this horrible man." In fact, one of them is the girl that has been said, but I said, "And she put her hands around me." She says, "I know what they've done. It's horrible." But you know, you're one. You know, the judge has found that Lawrence Vaughn and Reza provide. Breached the adurities as directors, the MDE is not in, which means a no-take back control of the board. Once the step out right is done, which is imminent, we will then take back control. PWH holdings will take back control of the business, and fresh them would then have to sit in the corner. Nice. So we can talk about that later as we go through my journey. It's been the last couple of years of any colourful journey. Yeah, I was just enjoying looking at the photo of your first dealership. And I was reading your story. I believe you moved from Glasgow. Yeah, so I was in a children's home in my life. My mother, you know, tried to beat me up. You can see I've got scars. My head is just thinking, "Man, I've never sported my mother since." And I was brought up in a children's home in Coriose Homes in the Escher. And it was a home for mentally disturbed children, and obviously from what it happened. My family abused and things, yeah, I'm sorry to help. And I was brought up there, and we left there at 16. And the government do their best, and everyone does their best. But years and years ago, when you were 16, you were then classes in Adel. They put you in a bed and break first in the leave, you. Which where the system feels is now being changed, it's now 21. So the government now has a right to look after that person till they're 21. That's what's happening. So it's a great achievement being done there. So I ended up in the street, and I ended up begging for food, in Becanne in bus station number six. And one day I felt so cold, I got in the back of the bus, the nation-wide bus, so I'm really pleased with the nation-wide company, who helped me build my business. And we ended up in London, and we walked about for miles and miles and miles. And there was a company, a taxi company, and said, "If you're looking to be a driver, we'll teach you to become a driver." "Become a minicab driver." And we started minicabring, and that's how we grew the business, and we started selling cars from there. As you see the picture of Tenham, we had about ten cars, and we built a company, and I looked, then they brought out the digital dashboard, and it looked out, it said, "Basically, we can sell you a flash car that's done 100,000 miles, for the same man as a Mondale or a Sierra." And nobody was buying any cars over 50,000 miles, 50,000 miles, "Oh my God, it's an old car." Wasn't the technology that you're growing? You could have a car, you know, there'd be under it, that's 600,000 miles. So we took the cars, I've said in a little three, CVS and five CVS, BMWs, for the same price as a Sierra, and we was called lots of flash for no cash. And we built that business, and we had a hairdresser above, which my ex-wife used to go, and we called that for your hair to look nice at an affordable price. Nice. And that was how we started to grow the business. We grew the business with ten cars, with a hairdresser upstairs. I remember I used to get me bent, they'd go and pick the old ladies up to get their £10 renties, and we built a business in the village for that. Did you just save up the money you were earning from Caby? Absolutely, so what we'd done was, it'd be quite clever in the end. I used to mini-cavant nights on, clean the cars for the night, use them for work, and then set them during the day. Nice. And we built that business, I would usually go to the petitions station with tea cart, used to buy the man and McDonald's and the old petitions station, and he'd give me a lead for his window from his little turn table, and I would turn them and wash them, clean them and polish a profit into them. Nice. This is how we used to build our business, and we used to go in a mandy morning, the auto trailer used to come round, used to pull the rowdy camera, used to take the picture. It was instant time, it used to come out at the bottom of the camera, and that was my picture for the auto trailer. And then we would wait to the Friday sale, I mean, that's how we built it. Nice. I'd never forget the day when we were washing, you got the money, we bought all these cars, and I said, "I know, I don't want them in that." We got some soap and pee soap, and we'd mix it all together, and we'd make some soap up, and we'd have some bread until we sell one of these cars. I remember we sold all the cars in the Friday, and we hadn't eaten, so I took the money, and I went down in McDonald's. I went down in McDonald's, and I found a cavalier, a green cavalier, and I ended up buying the cavalier from the fella in the McDonald's, getting me big Mac, and going back without me having a car. The new car. And that was just sort of a whole green cavalier in the carpet. So, no, we were off, we'd talk, we'd squat, please, we had a McDonald's with the car, and we'd say, "They're going back some more." So, it's all about entrepreneurship. taken a situation and building it to the best it can be built. Yeah, you didn't accept it for what it was, you were resilient. I can see a bit of it. And you were thinking, how can I make this situation work to make it? Absolutely. So we started in ten and we were very little to say. And then we moved into backshows. And that's why the accounts of the companies backshows are mortgaged. Okay, because we moved to backshows. And we had 100 BMWs and we built that business. And then there was, I had a Lamborghini match in Nagel, which big office thing when they come out at the time. And there was driving down 7 Marbleyne from Parford BC. And it broke down, it was only a year old. And it broke down outside London Road in West Monham. And there was a sign up for sale from Allen Pugh's commercials for sale. And they were all turned to get a kettle of water. And they said, the series starts up for sale with CZ. I said, baddies. I said, baddies. So we ended up having to deal with everything. While the RAC was fixing me back to the lag, I was having to deal with Allen Pugh in both the solid. Nice. And it was called district at the time because it was one big strip. And I remember getting my general manager, a man called Allen Pugh's, who's worked me for about 35 years. And hello, I'm a minute bit of this horrible man. It's worked me for 35 years. He came up with a support whenever I feel this. I said, think big. He said, we can't call it a bad child. We were in Mason. I said, big. Big. He said, big. B-I-G. B-I-G. We're going to become the biggest independent garbage. Nice. And we did it. We achieved it. So right from the beginning, my vision big, big enough to cope, small enough to care. And, that was the company motto. From that wonder, I regrow the business to the successful business it is today, although Lovinsvon is killing it with Neil Hudson. Only for now. Only for now. Only for now. Only for now. If the jazz sees what he's seen as justice, he will see that basically Peter Waddell's holdings needs to run this business to save jobs and to save a company. How much did you build it to be? I read it was about 700. We have about 17 ampere staff. And we have probably outside contacts another 1000. So it's not just about, and what you've got to remember is not just the staff that you employ and the contractors and the communities where you bring money into. Everybody that buys a car has to go to the petrol station, has to fill their car up. They probably eat somewhere local. That's the economy of bringing in to that economy and the rates and the wages and the tax and the VAT. You're bringing into the economy. If these business clapped, these business now, that's over a billion pounds a year and living you. Wow. It's going to ask you the revenue. So you need to understand it's where are you going to go with this? What is the judge going to decide? Since fresh stream took over this business, it's lost over 10 million pounds a year. Now I want everyone in this podcast to go and look at fresh stream because they'll see that they have taken companies, tazika, lunch gardens and several others and they failed and had to shut down. So when I say to anybody out there looking at private equity, be aware that the business that you might set a third to when they take you out could fail that business and destroy your lifetimes work. Do you think as well, do you do do diligence on fresh stream? Yes, we used a company called DC advisor who we thought they were ever agents, they dealt with it. So you know, I'd never heard a private equity before. They sold me that they was going to come in, invest, bring their expertise to get it to an IPO. You know, Razor for ad told me that we could float these business for one and a half billion pounds. That's what it told me. So he told me, look Peter, we're going to pay you your 72 million. We're going to start growing the business and then we're going to do the call option in 12 to 80 months time. And then pay you another 73 million. So you have had a hundred and 50 million and then you're still on to over 25%. So owning over 25% I can block any sale. We got 25% something so we knew that they couldn't just sell the business because we could block it. Okay, so we had still had control. So that was the situation we were seeing. We then right at the end of the deal brought in two things, a stepping road and the material default. The stepping is, oh, when you're the owner, we'll just come in and we'll help you get it back on track. It was nothing. Or we're going to try and take control of your business. That's how Mr. Razor for ad sold me. He reacted in good face. Okay. That good faith has been proven in the judgment as folks. You struck me as an honest and genuine chap. Well, that's right. Can imagine that's what you're saying. And then they told me, look, Peter, you got big ideas, you got helicopters, you've got the issue, got that. What happens if you kill somebody and go to prison? We got to be able to run the business. So they did a material default, which was meant to be for that. Whatever, rape someone or become a drug dealer got drugs and we've all this money. That was how they sold me that. They didn't sell me the material default. If someone can come out and see something, we can take you out of the business. We can rush through. So they sold you it as in, well, in your mind, that would never happen. Absolutely. Absolutely. And I was getting out of the business business. So these were all becoming irrelevant. And you can see the judgment that said that they took me along the road that they was buying the business. And if we go back a little bit, Peter, so obviously you ran that business for four decades. He said you run that business for four decades. Yeah, absolutely. Four decades. Never the problem. And you said you never, you never lost a penny. Never lost many. We made money. You know, you've only got to look at the business. You know, if you look at the business under control of law and so on, we've now been on watchdog. Massive, massive problem. Trash pilot took it off the website because he was freezing or making things up and getting people to do reviews. Trash, very reviews them down. He tried to close them down. We've gone from 4.8 to 3.4 it's some sort. It's horrendous. Repetition is a review. Trash pilot. The man is a walking disaster. The judge has told him. He said in his summons up. The man tells people in the judge that actually said he does not believe the colorful history of law and his own. We can't believe he's still in the position. He's in. Well, only yesterday I had a text from man, which I've given to you to go and see him where he did the same to another man. So, you know, this man, super bikes. He tried to sell me super bikes for five million in courts. He was trying to tell the judge this was a successful business. The judge dragged out of him. Well, how much was it sold for very little? That's been nothing. Which the big or the super bikes was super bikes. He tried to get me to buy super bikes. Reservoir had done secret meetings. We've law is going to buy super bikes. All come out and call up. I have nothing to lie about. What's the goal? What's the end goal for them, Peter? You've run this business successfully. It was really simple. So in behind the closed doors, we said all come out and call. There's no, please go and read the transcripts of the court. I beg you, we want to read the transcripts of Reservoir had law means going to get the facts and the truth. The truth is Mr. Reservoir had had secret meetings with cash up to take on cash up without speaking to the CEO or the major shareholder. On the seventh to concoct the case regarding the unemployment and on the eighth signed up the deal for cash up. Well, they then did the bit for the cash up. So if it's just to make that clear as well for listeners, so they concocted a plan to ask for employment. So the brandish it the plot. It was called the plot. The judges actually said that in his thing and he also talks about option four. An option four was take Mr. Woodrow out, sack him, stay pin. Now you got to remember on that time they did the steps. and they did the material of the foe at the same day, at the same time. You follow me? Yes, it was all pre-planned. It was almost evidence it was pre-primed too. It was all planned and you go to the trial and you see that. They planned the code at the plot. Flair Street, Mr. Reza for Rads, in an email, had actually said to his colleagues, "We've got our warriors. It was called the Three Warriors." It's there and it's in the judgment. It was called the Three Warriors. It sounds like the match. Law and fun. Neil Hudson and Tom Clark. It also came out in court in the 6th of December. When they started the plot, Law and fun put a billion for £145,000, which was paid by fresh streams, personal accounts. You believe that? Or is it with evidence that the payment was? The evidence is clear. If you look at Mr. Law and his bond's contract of employment, he said it because he worked more hours. His contract says, and it's there in the court, Law and his bond doesn't get paid any more money for extra hours. It's in his contract. They tried to dress it up to the court when it was caught on paperwork we found that fresh streams had paid the secret payments, which was not declared to Mr. Woodhill. So for clarity as well, Peter, so those payments were from fresh stream, you believe to oust you. You believe they were making payments to him to that bidding? They made payments to him, I believe, to get his support. Why would you pay a secret payment of £145,000 without telling the CEO or the major shareholder? They judge, put it down in his words, how Mr. Law and fresh stream, can Mr. Law and his bond be paid by two taskmaskers? That's what it's all said. He summons that up, how can Mr. Woodhill be treated fairly if you are in fresh streams camp and receiving money? Law and his bond in me then, once the orchestration had taken place, paid, tonklaught, the second warrior, and Neil Hudson, the third warrior who sat on the boards when they dismiss me. Okay, got payments, bonus payments called the PW bonus, it come out in court, which didn't come out in court, which they should have done under disclosure, is in March when we was in the court. Fresh stream, paid Law and his bond another £100,000 to a 10 court. This is wow, this is wow, Law and his bond is giving evidence. They paid a CEO another £100,000. They put that into perspective. Not only should he have been sacked for losing the company of a 10 million pounds disaster of the company, of transpirely, of being on watchdog and all of these things. Okay, they pay him money for a bonus for that. Who would ever pay a bonus to a CEO when a business is losing 11 million pounds? Come on. That's crazy. Come on. Peter, what was I'm intrigued and we need to understand they also paid Neil Hudson a bonus and tonklaught a bonus in the court, which should have been declared to the judge, but they held it back. Was it a criminal investigation? Is that how you managed to find out about it? Well, I wouldn't say it's due to this week, it's really actually going to be talking to the police because we've also got the laws there to protect people. How have we got a bribery case? Sounds like it. How have we got a conspiracy case? I'm meeting with Top criminal baris that this week. I believe that law is going to be arrested, but that will be dealt with by the top of conspiracy and top of bribery. It will be down to the law to decide that I can sit here and say they've acted bribery. I can't sit here and say they've done conspiracy. How did you manage to unearth those payments? That's my intrigue. How did you unearth those payments and find out about them? Well, what happened was that it's silly to themselves. Is they were all gloating? And they were saying that they were saying that they were emails to each other. About the secret payments and all of this. They didn't think the dumb card dealer is what they called would take it this far. They tried to run me out of money. And you've got to remember that Reza Farad, who was in control of the business, got Neil Hudson, Laurence Vaughan and Tom Clark, to drive me mad to basically run up costs in our business that are you on 63% and that's what he did. He hid behind big to do the case and they sat there saying, "Oh, you're just investors." They're not. They contributed this. They took control of the business without paying. And that's what they tried today. And when they then took control of the business, they tried to offer me £7 million. When I've got a loan in a business for £12.3 million. And they wanted my shares and me to give them £5 million in credit my loan. Because they thought they've done it many times. They didn't believe that I would go the whole whole. Yes, they thought, "Were them thin, making a federal. " When I'm down, we're going to take him out of his wages. So he's not going to be his wages. He's not going to be able to fight and give £20 million. He's a dumb card dealer who's dyslectic, got autism and he's deaf. He's never going to be able to fight the. In the law society, thinking that it came out unflady. It said, "David thing Goliath." So he's missed the word "L" with dyslectic, it's half-diffic, and all the rest of it. They thought he won't be able to fight it. So they've got all these lawyers, they had KC lawyers for free stream. Then law is going to have his lawyer in KC. Razor had his KC lawyers, then they had the company lawyers. They put me in the docs for eight days and we had three sets of KC's hammering me, per day. That's insane. And this is. You mentioned earlier, Peter. "David thing Goliath." How much did this. I know you mentioned earlier, but this was a £20 million case. I've purchased, spent £20 million of my money. Just on legals. Just on legal fees. That's without all the other bets in my time in the 10 and all of this. Yeah, that does at all. Realistically, you're probably talking £35 million. Now, what you've got to remember is these private equity companies, these things people would just give in. He won't run the steam. He won't find justice. Oh, the way through they tried to settle with ridiculous things. I was in the court for eight days. The day I come out of court, they tried to bicep them and say, "Oh, you've lost the case. We want you to pay us nine million, we want you to drop the case." Now, I believed in justice. It's not about the money, if you were, is it Peter? It's not about the money. As I said in court, you've got all these big ups for graduates and you've got me a little done card. I know who has had no training, no nothing. I've never done any HR, fresh team coming to the business and you who I was, they did £5.7 million in the diligence. They knew what they were doing and they knew that's why they put in the material default, so that they knew who I was, a man who said, "No training in HR, I had no training in anything." Maybe said the wrong things. I've been in so many courses since this court case. I've asked to be in that willing. I've asked to be in that in my own back for management courses to learn the 21st century. Fresh team should have sent me in these courses. Lovings, volunteers, meant to be this executive experience chairman, why they did not send me in courses, why did he not send me down to say, "Pete, we need to send you in some courses." They didn't, because they knew they were going to try and do it, they didn't need the material default. I mean, all fairness, but you built it to 1700 staff and from what I've seen online, operational efficiency was off the register scale. You've got to look at. Perhaps. We've only got to look at LinkedIn to see the customers. On Friday, I had 2,732 posts or LinkedIn, telling me, fantastic news. We're going to come back and back as from big. So, you've got to look at the magnitude of support we've had. Massive magnitude. It's been over the praise from the Sunday Saturday times all the way through. I followed you a few years and so people know I'm a support. And they tried to tell the judge that Mr. Warros riftlessed to everyone and no one loved him. Lauren's voting and Neil had said in 12th class, victimized every staff and sat people who basically spoke to Mr. Warritale. He went through and scared the whole company not to talk to Mr. Warritale. - That's insane. - So it's sad and it's very sad what they did. - In the run-up, then Peter, I had about two years gap, didn't you, where he was in this battle? - So you were sharing, you know, you're obviously planting trees in the garden and, you know, how did he occupy your mind? 'Cause it must have been driving you insane. - We spent the most time dealing with Quintet Cui Manuille. You've got to understand that we were fighting three sets of lawyers. - So they tried to weave and thinner that way, didn't they? - We tried to win, it's not about the past. How did we build this future? Bigger's a great business for some great staff. If I didn't fight, there wouldn't be a business today. Look at the history of law and his own. Superbikes. There's many of them, but just a few recently, asked him badly, superbikes. The man doesn't work. The man thinks that he can sit at home, take the big check, drive a big company garden, and that's what he has to do. And do deals that we still got to get to the bottom of. 'Cause I still, they wouldn't give me any information. We still got to get to the bottom of these four deals. They've not gave me a single bit of paperwork. - So what's your business? - They breached the material default. There was no material default. They bought these sites. They've signed up deals for 20 years without a break loss, without any free rent and gave them nine million pounds for a partly good real. - That's basically your money, isn't it Peter? - Well, the Cambly wasn't even open. So where's the good real? They took on Cambly. Cash shop had more fold to sign. Okay? Law is running. Saying for that for 20 years with no break lodges. Who in their right mind would sign up a 20 year lease with no break lodges, no free rent and give nine million pounds of my money? And has still not to this date, be just to paperwork. Okay? - That was a back, do you think it, well, do you think that was a, do you think that was a, I think it was a back. - We can't say it's a backhander. What I can tell you is what Law and Zvon and Neil hadson have done. We have found out that Neil hadson has taken cash payments for giving suppliers work. Okay? I have the documents I can go and get you now. Stephen Howard, the lawyers, have said that it's legal because Neil hadson set up a consultancy company and that basically it's legal for an employee, okay? And it breaches everything in the employment law. Can take payments secretly from a supplier in his consultancy company and that's okay. - There's not like the cliche description of bribery. - Well, some of it we know going, as I said, to take to the police. Now that we've got one other case, they just said and I'll read it to you. There is no end being. So now we're only looking at stepping. Stepping will be when the numbers go up, which we now want to full audit on because we believe they've been fake. Once the notice come down, fresh dream I've got to step out as a minority shareholder and PWHL, the holding company will need to then step back in an limited company. - And what's next Peter? What's next for you, buddy? - So what will happen is once PWH stepping, we then we've asked, so as you understand, we've asked for the resignation today, the later we know it on Friday, the second of Tom Clark, just so as you understand, Tom Clark was found by the law society to be a liar. This come out in court. If you're going to come up, he had a case with Bon Jovi lawyers, which he didn't declare to as when he come for a job. And the judge says that when he spoke to Barbara Fegas and he did not declare it, is Barbara Fegas is my sister, lovely woman, just said that she was an impeccable witness and that he did not declare it when he come for the job. So if he didn't declare coming for the job, you should be instant dismissed. But he took payments from criminals and didn't declare them. And the law society found them guilty. Okay, instant dismissal. So when you look at the three warriors, you've got Lorwin's Vaughan, TK payments, Neil Hudson, taking money off suppliers in his consultancy company, and we've got Chong Clark, who is a convicted liar with the law society and been struck off. - So you've got the three warriors as you said? - The three warriors. - And then you've got Mr. Woodell, time and time again, a ward with an entrepreneur, making profits, working well. - One million percent. - Yeah, I can see why the judge saw right through this. - Well, I think the judge saw through the plot. - It's a shame I had to cost you 20 million criticism. - Yes, and you know, I get the judge has to do the right thing. And when he's got 10 people in the box, all same things, he's got to look at every case in the video. I have no problem with this judge whatsoever. He did the correct thing. - They're just trying to make noise, weren't they? - Yes. - To filter it down and try and distract. - What I will say to you, has the judge been hooked with a little bit? I believe so. But I've got to respect the judge. He did a great job. He 500 pages of documents, seven weeks of course examining. He wasn't the judge that I thought we were going to get. He was a fear judge. All I can tell you is this, the judge said there was cameras everywhere. Voice activation cameras. Why was it on the eighth of March? Who my rather? Which it'd been found. With Tom Clark and James Cartway ordered for the cameras to be taken down and destroyed, it would have been so easy to play that camera voice in the court. They played two others that they found from three years previously. But there was no recordings. - Did you see how the evidence of the cameras been taken down as she was in the picture? - Absolutely. We found a picture of Huma who said she was not involved with cameras. Taking a camera down and wound with him. - Yeah, so the evidence is there. - You've got to understand there's only so much stuff you can put in front of a judge. We only have so much time. And what they did is they put me in the box for the third of the time that was going to be in court to run it out of time. You follow me? - Yeah. - So you've got to understand there's only so much we could put in. We never got to show the judge. And it's documented that they took the cameras down. They destroyed the voice activation cameras which would have showed the judge what was said and how it was said. It's called taking things out of contents. But we never got the time to do that. Because our case was about the case of these two people plotting to take him out, not pay me some eight or two million and take control. - Yeah, and I think as well, Peter, still about intent for me. What people say and what people mean are two different things. - Absolutely. But what you've got to remember is we've got to look at when we was running our court case. What is it about? Is it about protecting jobs and getting back into your company and building it and saving jobs? Or is it about the per se of Mr. Woodale? Something has to give you. You've only got so much time. So our whole case was about showing the judge the plot, the conspiracy. It wasn't about defending Mr. Woodale. It was more about defending the plot to show what fresh to him had done. - Yes, they were hoping perhaps that in throwing as many allegations you're aware and having as many legal representatives as they can. You spend more time defending your character. - Absolutely. So they assassinated the house and then I've looked right into this. This is what they do. In the court case, they assassinate characters to make the judge award in their favor. So they did do. I mean, a man called Sibba, I think his name is a little. He did a good job. I don't hold any grudges against him. He, unbelievable. I said, he was a good man to the job. For the job, he did. I mean, I don't know how he feels going home until his family's just assassinated the guy in the court who knows the plot. Yeah. But in a nutshell, that's a story, that's for him. Tear a mi si Mae gy aro roi'r Bleihed Nas Carifeon gest호… Mae agr new пар am Y mae agrie ma fo modden oedd hun o She up fel Botechn etovol o gall ஆisidol ar гром關io Ol unaill i'r tawrn y efoac a'r gweithio a'r gweithio a'r gweithio a'r gweithio a'r gweithio a'r gweithio a'r gweithio yn mae'n iawn dwi'r cymryd i'n siwr ddiweddol yn yna. Yna'n siwr ddiweddol yn yna, mew i'n siwr ddiweddol yn f own, yna'n siwr ddiweddol yn yna a fffais, mae'r cymryd yna arodor yn yna i'n siwr ddiweddol yn yna i'n siwr ddiweddol yn yna. Mae'n siwr ddiweddol yn yna, mae'n siwr ddiweddol yn yna, mae'n siwr ddiweddol yn yna. Mae'n siwr ddiweddol yn yna i'n siwr ddiweddol yn yna. Mae'n siwr ddiweddol yn yna. Mae'n siwr ddiweddol yn yna, mae'n siwr ddiweddol yn yna. a bet已 aot a Eddyúng. Chwy'n tyngadui toymorr i rowr someer ceilio oedag eu combatnog. Re newsletter neu oespai wedi'r lançarnu oespaidau oes ilgili o pwnl известosateh o irregular. Gwrsfod e ك broni wytharben Bethach 58ẃ Oeddgach Gwisí ddar leaked, â sef veganaidd, eslygu 's mae nai hwser am ran expedka. Cwil과�af yn tryłu'r fyth o hyn i oes i a faidaeth yw daybarn Niefarfais ar ein recordad, radyfrd hwy Rudd era'is oesbeth yng jinu peicach I a שי paw plwy frequent. Mae'r eu cyknyn c Chartjęess ac n arkadaş gen y gallu dweud at bereg geny��로. Wa�� cut. Mae'r cygnuwn mapped himonny? Mae'r cysaid â sayo. Mae'r cynth yn gymnal hynny. Y fel hynny un— Mae'r cynth wedi lopasdol (dwych got yheinåesから eraill o gonoddnud hefnaethygu pithraethas 'D manufactwch catworker Queensland, digor ni'llads yn un gwboddru focuses- să, am y nadebod gwstefal gwiaeth yno f with too gewydd dyd yn gael怪 barriers'n der 관심olod. Mae'r cynth wedi lopasdol yn gael fel hynny. "I'm not having this, I'm going to fight it and I'm going to win." So your son will be a strong, strong women. I've got true sons, I've got one son of a, you know, one I love them both dearly. I'm so proud of them. I love seeing your updates on LinkedIn by the way. You see me, other sons 20, say, "My son come to me in the kitchen and Fred and me." You said, "Dad, there was times that I thought you were crazy." You said, "There was times that I thought you were just wasting the company money." "And there were family money." He said, "But I'm proud of you." He said, "I'm proud to be your son." That's lovely. They did to me, which all about money. They thought, and they documents to it, when this was all going on, Lovyn's Vaughn had sold Fred's dream in the dream. There's a very portion of that. Lovyn's Vaughn had sold the dream. Okay, to Fred's, I can show you the documents. It's plot four. I can take over this business. I can get this to 50 million pounds. I can do it of this. He didn't. He cost the business 10 million pounds a year. The man's a walking disaster. He's no one should ever employ this man again. The judge even said about Tom Clark. He missed Lovyn's Vaughn, sold Fred's dream in the dream. Fred's dream took it, thinking they could take the next round of money and the option, and then go and make this millions upon millions upon thousands and millions upon millions of pounds. He sold them a dream, raise a full-add ticket, Patrick, Ray Hand, and everyone at Fred's dream took the dream. The dream has become a nightmare. You'd think they'd look into his previous. Greed is the word. Greed. They brought into a dream that's become a nightmare. And I'm that fellow for my own stream. What was his name, Fredy? That's what's happened, putting in a bit of light in it. We had a good legal team, Quentin Manuel. They stood by the gun. They were hit times. They used to question him, "Really?" And I'd say, "Yes." With a man called David, who basically used to cross-examine everything I said, every single thing I said for years. Before they tried, he gave me a carol and he said, "Pater, I cross-examine you for years, but you've told it with." And this isn't about me, my friend. This is about trying to protect jobs. I failed by now. I made them. I write, just to give an example, I write to the people that sit in the board. And to the fundraiser of the first dream. Nine charms I've wrote to them to tell them what they're doing wrong. Nine times, they have not replied. They replied a week before the court and said, "There was a bully." Yep, from their letters. So I will no longer write letters. I will be all done by the seven people in the board, the lawyers, the judges, and people like that, that sit in my board. So they can't, I'll say, I believe them. They promised me that in March this year, if the figures were not good, they would sack, lovings born, Neil had to then twon-cloud. March has passed. We're now in July and they've still not sacked them. What does that say? It's easy, they've got some things in the cupboard against free stream that they don't want to pull out. I don't know. I guess time will tell. I've got a funny feeling that will come out eventually. There's one thing I can say to you is this. We can't change the past, but we can't change the future. And this is about saving the future. You know, you've got to look at this. We employ all these people, but it's not just the people. It's their wives and their husbands and their families. We provide jobs that pay their rent, their mortgages and gives them a lifestyle. So it's not about one man missed the word help. This is about the 1500 staff and their families and their futures that we have been fighting for because this man, lovings, bonds are walking disaster. Would you say Peter as well that to get a successful year as you are, you've got to be about that mission. I get the feeling you're so successful in your own right, not because of what you wanted from life. I feel like this beautiful home and the life you live is just a byproduct of your outright concern for everybody else and what you build in an vision. If you look at it like this, my wife said to me, "I said, Peter, I'm willing to get a cleaners job." "Well, we've got no money coming in." I said, "Babe's." I said, "I bought a lot of property because no one knows who owns a property." And we have millions of pounds a year coming in and rents. It was all about we had the wealth. We're not the people. Yes, we have a beautiful house, but we're only people. I go to the local cafe, I have my 12 pound daily breakfast. It's not about me, it's not about show off, it's not about anything. I have a very humble man. It's about the future of these staff. I would have sold everything and I would have moved into a flat with my son. And we had that conversation and I said to my son, "It doesn't matter how big a house we live in. It doesn't matter how small a house we live in. It's the love in that house. It's the love that we have together. That is more important to me than any money you can give. I didn't have the love in my life. My son said to me, "You're a bad father." I never had a father to teach me. You're learning on the job. I didn't have that. So I can only do it as a business adventure. I worked very hard to make sure you never lived in a street as a beggar. That's why I bought your house, your son. He looked at me and said to me, "Dad, you're right. I'll get it now." He said, "You wasn't on the pub. You worked." He said, "You worked for that." I was watching a thing last night on TikTok. There was a woman on the other hand, she said, "The man who doesn't throw away his shoes, drives an old car, isn't about him. And he's not a bad man. Because if you look at his family, they live in a nice house. They have nice clothes and then they have nice things. That's not a bad man. That's a man I care about his family. And I sent it to my future wife. And she walked back and she went, "I know that man." And we went through selling my helicopter and my boat and my bigarty and all the things. It reminded me of Chitty Chitty Bang Bang. I believe it or not. When the fang comes in and takes the piece from the fireplace, you know, and builds Chitty Chitty Bang Bang to give his family the best car in the world. I sold my assets of what my personal things were. We still kept our house and to be honest, if your wife doesn't want to live in England now, because of what they've done, she wants to move to Spain in fact. They've gone back to Spain. But it reminded me of selling assets that was not part of the family. Yeah, it's not as important as family. So we had to keep the family together. We had to try and keep the family, you know, not in this big war and in this big legal case. And I still had to have the family. I still had to put the face of strongness. And I had to put a face to the family. But many of the time I sat with my hands and my head. I don't think Stephen Howe would act properly as lawyers. And it's something I'm going to look into. It's another thing I'm going to look into over the years. But you know, we still had to be the total of strengths. To people, to friendships, to a vision. Things that get flung at me. You know, they sent me later, Wendy, you know, giving example, Mr. Warrior flying your helicopter less than a thousand feet. We flew the helicopter to put it on with feet. They bought 17 letters about a helicopter. They fly in over a melee helicopter. You fly in that way to go into to watch the three-year apart from the generation. When you're down the margate, seeing someone, that's your flight path, isn't it? You're coming from Margate, you're coming along the front. You're getting to do them, you're heading into watch the three-year apart. Yeah, you get a thousand feet because it's all read-ad. Tom Clarks, what a letter it's just trying to abuse me. They've taken me number plates. They've had to give me four-bath. They tried to steal me number plates. I mean, there's all in it. There's all in it. We had to, I had to stand tall. I still had to cut on me son. Sometimes I didn't feel the man. But I had to emotionally address all of these things. And I just hope no money will ever replace the time of my life that you've taken. No money will ever replace the damage it did to my son. Okay? qual Hopefully The Guys Ceasedtessen wneul yn Gunwn sy'n bi'r packen y winodaeth John I»þ þau trynden nhw gw davon I'þ a stír fraetozio bethau a Maybe Rusleydiwyd mi'n greu g развитio Gunwn sy'n Pablo Bellen awisriaeth wirewrin All teith yn swydd am sut factor wedi ryw opening Ar Gall yn ac mae wedi'u e castcaidio Liegoenniau Da Energedd y Буд phones Mynd y bweithymnod ddornabil ar gwindiad i angwthir i fi sta'n coxbyg cyPholio A Try adi drwy,ci[E] specifics With myrd at Dyffolio Maôn eraill fel yr oedd mathd small byd, yrllau? Mae'n ddiddol yma, mae'r wyth yn ddwysio, mae'r gydwch yn ddwl yn ddwl yma, mae'r gydwch yn ymw'r amdol yma. Mae'n ddwl yn ddwl yma, mae'r gydwch yn ddwl yma. Mae'n ddwl yma, mae'n ddwl yma yn dda, mae'n ddwl yma yn dda, mae'n ddwl yma. Mae'n dda, mae'n ddwl yma yn dda, mae'n ddwl yma yn ddwl yma. ddyw'r wy "Wdwi'r path o ddu" "Wu'r trwy'r fabulous keithよ'r rydyn a lig i'nавillau a'r fawr hyb, werfryr, ei'n herud '怪 yw o'r lath yn mor 'Anithau anithau un fr 97 "Wu'r trwy'r fawr" "Wu'r trwy'r fawr" "Wu'r trwy'r fawr" "Wu'r trwy'r fawr" [music]

Podcast Summary

Key Points:

  1. Peter Waddell grew from a challenging start—raised in a children's home in Scotland, homeless at 16, begging for food—to building a major UK car empire through hard work and entrepreneurship.
  2. He began by driving minicabs, cleaning and reselling cars, and grew his business from a small lot with about ten cars to a company with 1,700 staff and over a billion pounds in annual revenue.
  3. Peter sold a majority stake to private equity firm Freshstream, expecting a partnership and an IPO, but instead faced a two-year legal battle over what he describes as a pre-planned plot to oust him.
  4. The court found that Freshstream and its executives breached their duties as directors, and Peter is set to regain control of the business through a step-in right.
  5. Peter emphasizes the risks of private equity, warning that such firms can destroy a lifetime's work, and highlights the financial and reputational damage done to his company during the dispute.

Summary:

Peter Waddell shares his remarkable journey from a difficult childhood in a children's home to becoming a successful car dealer and entrepreneur. After being homeless as a teenager, he started by driving minicabs and selling cars, eventually building a thriving business with over 1,700 employees and annual revenues exceeding a billion pounds. His success allowed him to acquire a historic home once associated with Winston Churchill, and he embraced a philosophy of aiming high and working hard.

However, his story takes a dramatic turn when he sold a majority stake to private equity firm Freshstream. Peter claims he was promised growth and an eventual IPO, but instead faced a coordinated effort to remove him from the business. He describes a "plot" involving secret payments and fabricated reasons for his dismissal, leading to a lengthy legal battle. The court ruled in his favor, finding that Freshstream breached its duties as directors, and Peter is now poised to regain control of his company.

Throughout the interview, Peter stresses the importance of resilience, entrepreneurship, and vigilance when dealing with private equity. He warns other business owners about the potential dangers of selling to such firms, emphasizing that his life's work was nearly destroyed. Despite the stress and challenges, Peter remains determined to save jobs and protect the company he built from the ground up, viewing the legal victory as a testament to his grit and character.

FAQs

Peter started by minicabbing in London after being homeless, then began selling cars using the cabs to clean and sell during the day, eventually building a large independent car empire.

Peter grew up in a children's home for mentally disturbed children after family abuse, left at 16, and ended up homeless, begging for food in a bus station before moving to London.

The judge found that Lawrence Vaughan and Reza provided breached their duties as directors, and Peter's company, PWH Holdings, will take back control of the business once a step-out right is completed.

Peter warns that private equity firms can fail and destroy a lifetime's work, citing Freshstream's losses and failures with other companies like Tazika and Lunch Gardens.

The 'Three Warriors' was a plan involving Lawrence Vaughan, Neil Hudson, and Tom Clark to oust Peter, which included secret payments and a concocted case, as revealed in court transcripts.

Peter grew his business by buying cars cheaply, adding value through cleaning and polishing, and using innovative marketing like instant photos for auto trailers, eventually becoming the biggest independent garage.

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