JD Classics, one of the country’s most prolific classic car firms that last week went into administration, has been bought by Woodham Mortimer - a company specialising in the restoration, racing and selling of classic cars.
AM Online reports that the deal, struck by administrators Alvarez & Marsal Europe, has been reached, with all 60 of JD Classics' staff keeping their jobs at the company's Maldon facility. The brand's racing team is also included in the sale.
JD Classics boss Jean-Marc Gales said: "It is with great delight that JD Classics can announce its financial security and future growth through its sale to Woodham Mortimer Ltd. Despite the difficulties of the recent past, JD Classics remains a world-class organisation with a workforce of dedicated and highly talented individuals."
Administrators Richard Beard, Mark Firmin and Richard Fleming were appointed to the classic car restoration and sales company.
Sky News reported that the company was looking for a new buyer last month, as an investigation into “financial irregularities” continues. Lawsuits against Derek Hood, the company’s founder, were filed by former business associate Mike Tuke, who accused Hood of “deliberate and dishonest conduct”.
Hood left the Maldon-based firm several months ago and former Lotus CEO Gales was appointed in his place.
JD Classics restores and trades classic cars and has a racing division. It employs around 60 staff and is understood to own around 110 classic cars. As well as its main Essex base, it has a flagship showroom in Mayfair, London.
In a sale document, Alvarez & Marsal said: "The opportunity to acquire JD reflects the need to return value to stakeholders following the discovery of certain financial irregularities within the business.