JD Classics goes into administration
Historic racing and restoration firm JD Classics has entered administration after reported ‘financial irregularities’
JD Classics has gone into administration following ‘financial irregularities,’ according to Alvarez & Marsal Europe LLP. The business and assets are reportedly up for sale, with A&M announced as administrators to the Essex-based restoration firm renowned for historic racing and the sale of high-end classic cars.
Managing directors at A&M – Mark Firmin, Richard Beard and Richard Fleming – were appointed to JD Classics Limited, which has no less than 60 employees. The administrators have stated that the existing situation has come about as a result of investigations into a number of 'historical financial irregularities'.
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The current inventory includes more than 110 vehicles comprised of Aston Martins, Ferraris, Jaguars and Maseratis, to name only a few. JD’s vehicular stock is showcased in a flagship 5000 square foot London showroom on 26 Mount Row, Mayfair.
The individuals involved in the 'financial irregularities' left the business in June of this year, at which time a new management team was put in place. ‘Considerable progress’ was reportedly made in stabilising the business and improving operations.
Original CEO Derek Hood was replaced by Jean-Marc Gales, the former chief executive of Lotus. Gales is said to have identified several potential cost savings and growth opportunities. However, A&M are now searching for new investors.
Mark Firmin, of A&M, said: "Whilst JD Classics has now entered administration, the business continues to trade. We are hopeful that a sale can be achieved in the next few days, ensuring the ongoing employment of the workforce."
The company benefits from an outstanding collection of cars, a bespoke restoration facility and a team of world class craftsmen and engineers. We have informed employees about the process today and will continue to keep them updated on developments. We are grateful for their hard work and support during this time."
We will be contacting customers, creditors and parties with cars currently being restored or situated at the premises over the next few days."
Lead image first seen on the JD Classics website
Correction: We initially stated JD Classics' flagship Mayfair store was 150,000 sq ft. This is the size of their Maldon facility; their Mayfair retail location is 5000 sq ft.
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