A deal has been reached between administrators of the prolific dealership and new owner Woodham Mortimer – with all 60 staff members keeping their position
JD Classics, the prolific classic car dealership that recently fell into administration, has been bought by Woodham Mortimer; a firm which specialises in the restoration, racing and selling of classic vehicles.
Reports from AM Online state that an agreement was reached on September 19 between administrators (Alvarez & Marsal Europe) and the new custodian – with all 60 original staff members at JD Classics retaining their jobs.
The JD Classics racing team is included in the sale, with the Maldon facility in Essex to remain as company headquarters. However, the fate of JD Classics’ flagship Mayfair dealership in London and American showroom plans are yet to be disclosed.
More on the recent JD Classics story
- Why did JD Classics go into administration?
- When was the saving deal reached?
- Check out the vehicles for sale at JD Classics
Administrators Richard Beard, Mark Firmiin and Richard Fleming had been appointed to the market leading dealership after an investigation into ‘financial irregularities’. Lawsuits against the company’s founder, Derek Hood, were filed by a former business associate whom accused Hood of ‘dishonest conduct’.
Hood was removed from his firm back in June before Jean-Marc Gales, a former Lotus CEO took his place.
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."
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."