Buyer found for classic car firm JD Classics

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Jimi Beckwith

JD Classics, one of the country’s most prolific classic car firms that last week went into administration, has been bought by Woodham Mortimer – a company specialising in the restoration, racing and selling of classic cars.

AM Online reports that the deal, struck by administrators Alvarez Marsal Europe, has been reached, with all 60 of JD Classics’ staff keeping their jobs at the company’s Maldon facility. The brand’s racing team is also included in the sale. 

JD Classics boss Jean-Marc Gales said: “It is with great delight that JD Classics can announce its financial security and future growth through its sale to Woodham Mortimer Ltd. Despite the difficulties of the recent past, JD Classics remains a world-class organisation with a workforce of dedicated and highly talented individuals.”

Administrators Richard Beard, Mark Firmin and Richard Fleming were appointed to the classic car restoration and sales company. 

Sky News reported that the company was looking for a new buyer last month, as an investigation into “financial irregularities” continues. Lawsuits against Derek Hood, the company’s founder, were filed by former business associate Mike Tuke, who accused Hood of “deliberate and dishonest conduct”.

Hood left the Maldon-based firm several months ago and former Lotus CEO Gales was appointed in his place.

JD Classics restores and trades classic cars and has a racing division. It employs around 60 staff and is understood to own around 110 classic cars. As well as its main Essex base, it has a flagship showroom in Mayfair, London.

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In a sale document, Alvarez Marsal said: “The opportunity to acquire JD reflects the need to return value to stakeholders following the discovery of certain financial irregularities within the business.

“Whilst an investigation into these matters is ongoing, a new management team is now in place and the individuals associated with these irregularities are no longer working in the business.”

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Peter Cavellini

It’s not unusual….

 This happens a lot, and while the nickers might get most of there investment back, 60 staff are getting there Cards at the end of the Month!

Peter Cavellini.

Luap

Peter Cavellini wrote:

 This happens a lot, and while the nickers might get most of there investment back, 60 staff are getting there Cards at the end of the Month!

 

If you are going to comment in every article, at least try to make sense.

fleabane

And learn to spell.

And learn to spell.

Marc

Luap wrote:

 This happens a lot, and while the nickers might get most of there investment back, 60 staff are getting there Cards at the end of the Month!

 

If you are going to comment in every article, at least try to make sense.

Your stalker is back Peter.

Peter Cavellini

Luap wrote:

 This happens a lot, and while the nickers might get most of there investment back, 60 staff are getting there Cards at the end of the Month!

         

If you are going to comment in every article, at least try to make sense.

.   A slip of the finger my Lud, backers, investors, get most of there along a back, and as per usual the ones who work on the Cars get there P45’s!

Peter Cavellini.

Peter Cavellini

Between finger and Keyboard….?

  Nickers read backers, the company going under have 60 staff will get there Cards, there P45 usually at the end of the Month, I might add that the backers aren’t as badly affected as employees….

Peter Cavellini.

289

JD Classics

This is doubly bad news for both the employees of a once highly regarded Classic Car dealer/Restorer and for the industry as a whole, who neither deserve or need the lack of trust this will doubtless breed.

This happened once before quite a few years ago when a big name in the Kensington Classic car world pocketed the proceeds of commissioned sales. I hate to see something like this happen again!

jagdavey

Very very sad news

Very sad news that this has happened to JD Classics.

 

 

Bill Lyons

Hardly Surprising…

…their ludicrous pricing was based on the age-old misconception that there’s ‘one born every minute’.

jag150

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