JD CLASSICS ACQUIRED BY WOODHAM MORTIMER LTD

JD CLASSICS ACQUIRED BY WOODHAM MORTIMER LTD

Chairman & CEO, Jean-Marc Gales

• Essex based specialist has been sold to Woodham Mortimer Ltd
• The sale will safeguard the jobs of the highly-skilled Maldon workforce
• JD Classics will rebrand and trade as Woodham Mortimer
• Jean-Marc Gales to lead the business as its Chairman & CEO
• Strategy to build on company’s global reputation as an award-winning restorer and one of historic racing’s most successful teams

JD Classics, one of the UK’s leading restoration, racing and trading companies for blue-chip classic cars, has been acquired by Woodham Mortimer Limited.

The sale safeguards the jobs of approximately 60 employees at the company’s headquarters in Maldon, Essex, and includes the company’s world-renowned workshop and restoration business, as well as its outstanding racing team. The team of specialists employed at JD Classics has a well-earned reputation for producing work of the highest possible quality, whether it is Concours-winning restorations at the world’s most prestigious events, supporting customers on the Mille Miglia, or winning on track at the highest level at events ranging from the Goodwood Revival, to the Le Mans Classic, the Spa 6 hrs and the Silverstone Classic.

The new business begins trading with immediate effect and will benefit from a solid financial foundation that will deliver a sustainable yet ambitious development plan. Trading under the name Woodham Mortimer, the company is excited to bring a fresh new brand to the classic car market while benefiting from the established and highly-skilled JD Classics personnel, who boast unrivalled levels of combined experience and expertise within the industry.

Jean-Marc Gales, the former CEO of Group Lotus, will lead the new company as its Chairman and CEO. Under Mr Gales’ leadership, the team is formed of a dedicated group of professionals, that will establish Woodham Mortimer as a world-leading organisation.

Jean-Marc Gales, says: “It is fantastic news that we can today announce a future with financial security and a solid plan for growth, through the acquisition by Woodham Mortimer Ltd. Despite the difficulties of the recent past, the company remains a world-class organisation with a workforce of dedicated and highly talented individuals. We will continue to grow and develop a business that builds upon the excellence that JD Classics established. We look forward to a future at the absolute pinnacle of classic car restoration, historic competition and sales.”

Woodham Mortimer Limited is a newly established company wholly owned by HPS Investment Partners LLC, of New York. Jeff Fitts, MD of HPS Investment partners, says: “Our investment in Woodham Mortimer through this new chapter of its operations recognises its highly credible and experienced CEO and uniquely talented engineers who possess a passion for timeless design and exquisite craftsmanship.”

The company is already busy trading, with its workshops full and numerous restoration projects underway. The company is planning to participate and support clients in a full season of motorsport and rally activity for the remainder of the season throughout 2019. A wide selection of fine automobiles are for sale and on show in the Maldon showroom, with a full stock list available here: www.woodham-mortimer.com

WARNING ISSUED AFTER JD CLASSICS ENTERS INTO ADMINISTRATION

CLASSIC TORQUE

FROM CLASSIC CHATTER

WARNING ISSUED AFTER JD CLASSICS ENTERS INTO ADMINISTRATION

CAR restoration company JD Classics has entered administration following investigations into apparent financial irregularities within the business.

Alvarez & Marsal Europe LLP was appointed as the administrator of the Essex-based company, with A&M managing directors Mark Firmin, Richard Beard and Richard Fleming stepping in to watch over the firm, which employs around 60 people.

JD Classics specialises in the restoration, preparation and sale of classic cars. Its current inventory consists of more than 110 vehicles from premium brands such as Aston Martin, Ferrari, Jaguar and Maserati. Some of the business’s stock is displayed in a 14,000m² showroom in London’s Mayfair.

The news prompted London law firm Healys LLP to send an ominous warning to the classic car world, telling companies that more deliberation and responsibility needed to be brought to transactions by dealers, buyers and sellers.

In a statement, the leader of Healys’ classic car group, Clive Robertson, said: ‘There had been rumours of financial irregularity at the business, which were apparently confirmed in March of this year when judgment in the case of Michael Tuke v JD Classics was given, there being several cases lodged by the same claimant still pending.

‘It may be some time before the full picture emerges, so it could be premature to be seeking to know what lessons, if any, can be learnt, but it may be no more simple than saying that in such a relatively new and fast-growing industry, balance and reason may have been left behind, so that more deliberation and responsibility needs to be brought to transactions by dealers, buyers and sellers.

‘There has probably not been a more important time to make use of skilled and established legal advice. You’d not buy a house without a conveyancing solicitor, so why spend, potentially, more money without similar professional advice and guidance?’

It is hoped that a buyer can be found and that JD Classics will be able to continue to trade.