Furrows announces new employee ownership future

Family-owned Shropshire dealership group Furrows is moving to employee ownership.

A Ford Dealer since 1918, and more recently adding Kia and Skoda, the 300-plus employees are based at three main sites in Shrewsbury, Oswestry and Telford.

Furrows will become 75%-owned by the new Furrows Employee Ownership Trust, an independent trust whose only role is to hold shares in the interests of employees.  

The Coward family will remain significantly involved in the business retaining a 25% ownership with chairman Nic Coward continuing in addition to managing director Dave Farthing.   

Coward said: “For as long as I can remember we have always talked about the Furrows Family and our way of doing things. We have always believed in the power of being firmly rooted in the community and working to create the best possible service for our customers.  

“It was very important to my Dad John Coward when he was leading the business and remains just as true today. When thinking about the future, creating an Employee Ownership Trust was the obvious choice to preserve all that makes the business special, in an exciting new way.”

Advisers on the project included Grant Thornton, Whittingham Riddell and DWF.