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.
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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Speed kills....So does greed
God News!
Yep,
Peter Cavellini wrote:
I’ll finish this now, good News for the workforce, let’s hope they go on for a few more years doing this wonderful work of restoration...
Woodham Mortimer....? its a village!
This story doesnt make sense to me, maybe erroneously reported....never heard of Woodham Mortimer ......certainly not in the classic car world, (it is a village just down the road from JD Classics).
Obviously I am delighted for the staff who must have been very worried, but the story just doesnt stack-up as it suggests in the opening paragraph that they (Woodham Mortimer) are specialists in classic car restoration and racing!......well, they are now!!
289 wrote:
Indeed. Looked the company up on the Companies House website, and it was "Incorporated on10 September 2018", so not exactly a well-established organisation.
Didn't Jean-Marc Gales go to
Didn't Jean-Marc Gales go to JDClassics from being CEO of Lotus, recently?