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JD Classics, one of the country’s most prolific classic car firms, has gone into administration.
Administrators Richard Beard, Mark Firmin and Richard Fleming were recently 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 Mike Tuke, who accused Hood of “deliberate and dishonest conduct”, with which the judge agreed.
Hood left the Maldon, Essex-based firm several months ago and former Lotus CEO Jean-Marc 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 Maldon base, it has a flagship showroom in Mayfair, London.
In a sale document, administration firm 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.”
Clive Robertson, from law firm Healys LLP classic car group, said: “The administrators, Alvarez Marsal, are reportedly hoping to find a buyer for the business. In the meanwhile, there will be considerable concern amongst a diverse group of parties who will be affected, including staff, investors, lenders, trading partners and, not least, those with cars at the Mayfair and Maldon premises for sale or restoration.”