Peter Waddell vs. Freshstream: The Entrepreneur’s Legal Fight for His Company
Peter Waddell, the self-made entrepreneur behind the UK’s powerhouse car dealership Big Motoring World, is now at the centre of a legal showdown with private equity firm Freshstream—the very investors who helped scale his business, and then removed him from it.
From Homeless Teen to Leading Car Dealer
Born into an abusive household in Glasgow, Peter Waddell’s early life was marked by hardship. After growing up in a children’s home and spending time homeless on the streets, he made his way to London—starting work in a minicab office and saving up to buy his first used car at auction.
That first car sale launched what would become Big Motoring World—now one of the largest used car dealership groups in the country. With over 1,400 employees, locations across Kent, and £370M+ in revenue by 2021, Waddell made his mark as a bold car dealer and entrepreneur.
He later launched Big Transport, a national logistics business, and Big Offices, a property arm—all while building a £500M empire from scratch.
The Freshstream Dispute: What Happened
In 2022, private equity firm Freshstream invested in Big Motoring World, acquiring a significant stake and negotiating control rights. But by April 2024, they had exercised those rights—removing Peter Waddell from the company under allegations of misconduct.
According to The Guardian, the allegations included offensive language and inappropriate behaviour—claims Peter strongly denies. The timing was critical: the investigation took place while he was off sick with a medical condition, and he says he wasn’t given a fair opportunity to defend himself.
“Last year, I was removed from my own company,” Waddell says. “I wasn’t given a fair chance to respond, and the investigation happened while I was medically unfit. I’ve taken the matter to the High Court, and we keep fighting. The truth will come out.”
What’s at Stake for Entrepreneurs?
This case highlights a growing issue for entrepreneurs who take on investment: the risk of being pushed out of their own companies.
Peter Waddell alleges that the investigation was strategically designed to sideline him. Despite being the majority shareholder—with a 65% stake valued at £286 million—he was excluded from leadership, with the report citing 15 out of 27 allegations as "material default events".
Waddell’s lawyers argue that due process was denied. Over 764 pages of evidence were reviewed without his input, while he was on medical leave.
The Bigger Picture
This is more than a business dispute. It’s about power dynamics between founders and investors. Peter Waddell’s journey—from car dealer on the streets of London to multi-millionaire entrepreneur—is a story of grit and success. Now, it’s also a story of legal resilience.
Other founders have voiced similar concerns about private equity control. This case, heading to the High Court, could set precedent for how founders are treated post-investment.
The Road Ahead
Peter Waddell may be out of the driver’s seat—for now—but his fight is far from over. His High Court case is expected to unfold over the coming year, and the outcome could reshape how investor-founder relations are handled in the UK.
Whether you’re an investor, startup founder, or just following business news, this story is one to watch.