JD Classics in administration
Buyer sought for Essex-based sales and restoration specialist
One of the UK’S largest classic car restoration, sales and race preparation specialists, JD Classics Ltd, has gone into administration. On September 10, administration firm Alvarez and Marsal Europe LLP (A&M) was appointed to work with the company to find new investors for the business.
JD Classics was established by Derek Hood and Jonathan Body in 1987. After Body left in 1998, Hood continued to run the business, which declared a turnover of more than £138m for the financial year 2016/17.
A&M has stated the existing situation is a result of the company uncovering a number of historical financial irregularities.
It further stated that a new management team was put in place in June, led by former Lotus chief executive officer Jean-marc Gales. Companies House records show Hood as leaving the business in July of this year.
‘During the administration process JD Classics will continue to trade,’ said Mark Firmin, managing director of A&M. ‘We are hopeful of a sale in the upcoming days, which will allow the workforce to remain. Customers, creditors and parties with cars currently being restored or situated at the premises will be contacted in the next few days.’
At the time of writing JD employs 60 people and holds a stock of more than 70 classic vehicles for sale.
See jdclassics.com for updates.