Peter Vardy, head of the well known car dealership, has revealed plans to turn the fast growing business into a charity.
The move will see the son following in his father, Sir Peter Vardy’s footsteps.
Their name has become almost synonymous with car retailing in the UK – as well as philanthropy.
Sir Peter took over the business founded by his own father, Reg Vardy, in 1976.
Under Sir Peter’s stewardship, the company grew dramatically until 2006 when he sold the firm to Pendragon for £500million.
The Vardy family owned about 27% of the company.
The family had already set up the Vardy Foundation which supports faith schools, which has attracted some controversy, as well as infrastructure projects in Africa.
But the younger Mr Vardy, who set up his own dealership in 2006, aims to make a similar impact.
Already Peter Vardy donates 10% of its profits to charities each year. Supported projects include the Hagar Foundation which helps underprivileged women and children across Cambodia.
In 2013, the firm, which operates the Jaguar Land Rover dealership on Aberdeen’s Lang Stracht, made pre-tax profits almost £2million, on sales of £21.8million.
In Aberdeen, the firm has also been working Glencraft, a well known social enterprise that makes bedding furniture.
In exchange for the bedmaker’s site on Wellington Road, Peter Vardy will develop a new site for the firm alongside its Vauxhall-branded car “supermarket” on the Lang Stracht.
The 5.5 acre site in East Tullos will then become home to the largest Jaguar/Land Rover dealership in the UK.
Mr Vardy said: “We bought Glencraft’s site and we are taking the lease over from the council.
“So we are their landlord and give them a new facility out of it. They are over the moon.
“The council were helping Glencraft out. It was more favourable for all parties that we helped Glencraft to a new facility.”
Although the transaction was business rather than charity, its support of the Gelncraft is “in-line” with his firm’s charitable activities, Mr Vardy said.
“It wasn’t our plan to build a factory in Aberdeen. But we are looking after them. They are paying a lease to us. But as part of our vision to make sure we create a company that is world class for colleagues, customers and the community we are in. That fits with us.”
The move is part of a £24million investment into the Granite city that Mr Vardy announced last week.
Since the company was founded in 2006, Mr Vardy has been investing heavily in the growth of the business. But eventually he will turn it into a charitable trust.
“Money doesn’t really matter to me. Eventually I will turn the whole thing into a charity,” he said.