Sixty jobs at Essex car restoration company have been spared
PUBLISHED: 10:39 19 September 2018 | UPDATED: 10:39 19 September 2018
The classic car restoration, racing and sales specialist JD Classics has been sold, and all 60 jobs in the Essex area have been safeguarded.
The sale was made to Woodham Mortimer Ltd, a company ultimately controlled by HPS Investment Partners LLC, and the deal safeguards the jobs of 60 employees in Maldon.
The sale includes the company’s workshop and restoration business and its racing team.
Joint Administrators at Alvarez & Marsal Europe LLP (A&M) today announced a successful sale of the business.
With the sale process now complete, the business will 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.
A spokesperson confirmed that the company will now operate under the name Wooodham Mortimer.
Mark Firmin, Joint Administrator and Managing Director at A&M, said: “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.”
The company owns more than 110 valuable classic cars, including those by Aston Martin, Ferrari, Jaguar and Maserati.
In the 2015-16 financial year the company saw its profits soar to £21.1m on £121.8m sales. Last July, JD Classics announced plans to expand into the USA, with a new dealership in Newport Beach, California. An Italian private equity business, Charme Captial, bought a majority stake in JD Classics last September.
Jean Marc Gales, Chairman and CEO of Woodham Mortimer Limited, 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. 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.”