JD Classics, one of the biggest dealerships in the UK classic car world, has been placed into administration.
According to the AM-online website, Alvarez & Marsal Europe LLP has been appointed as administrators to the firm, which was recently successfully sued by a client and which is facing several further court cases against it and former owner Derek Hood.
A statement on the JD Classics website reads: “Richard Beard, Mark Firmin and Richard Fleming were appointed Joint Administrators of JD Classics Holdings Limited on 7 September 2018, and JD Classics Limited and Daytona Bidco Limited on 10 September 2018 (together “the Companies”).
“The business and property of the Companies are being managed by the Joint Administrators who, together with their staff, act as agents of the Companies and contract without personal liability.”
A statement issued by Alvarez & Marsal said that it is searching for a buyer and is currently in discussions with an interested party.