JD Classics has a buyer

By Lizzie Pope
News
 | 19 Sep 2018
Classic & Sports Car – JD Classics has a buyer

A deal has been struck to save JD Classics, with a report by AM-online revealing that Woodham Mortimer Ltd has acquired the company.

After it was announced just last week that JD Classics had gone into administration, this latest development brings reassurance to the 60 or so employees at the firm’s headquarters in Maldon, Essex, by safeguarding their jobs.

Administrator Alvarez & Marsal Europe LLP (A&M) secured the deal for the company’s workshop and restoration business, as well as its racing team.

JD Classics is one of the world’s best-known classic car dealers, restorers and race-preparation specialists, with premises not just in Essex, but also in London’s Mayfair and in Newport Beach, California.

The firm has been in trouble since a classic car collector instigated legal proceedings against founder and former owner Derek Hood, after the former claimed to have “suffered catastrophic losses” during the trading of 41 vehicles.

Classic & Sports Car – JD Classics has a buyer

A&M’s statement also said that JD Classics will now “continue to trade as normal and progress the turnaround and growth plan with a view to providing a new start to the business based on solid foundations”. 

And there’s a familiar name attached to this rescue plan in Jean-Marc Gales, who left his role at Lotus to join JD Classics earlier this year – he’s now Woodham Mortimer Ltd’s chairman and chief executive.

It’s understood that at the time of Gales’ introduction to JD Classics in June, he’d identified areas in which the company could make savings, as well as potential for growth.

“It is with great delight that JD Classics can announce its financial security and future growth through its sale to Woodham Mortimer Ltd,” said Gales.

“Despite the difficulties of the recent past, JD Classics remains a world-class organisation with a workforce of dedicated and highly talented individuals.

“We will continue to grow and develop the business, and we look forward to a future at the absolute pinnacle of classic car restoration, historic competition and trading.”

Mark Firmin, joint administrator and managing director at A&M, added: “This deal will ensure that the JD Classics business can continue to grow and prosper as a world class business.

“The business benefits from an outstanding collection of cars, a bespoke restoration facility, and a team of highly skilled craftsmen and engineers.

“We would like to thank all the staff for their support during this process and we wish the company and its new owners all the best for future.”