JD in administration
Beleaguered high-end classic car dealer JD Classics has called in administrator Alvarez & Marsal.
Earlier this year, collector Mike Tuke took JD Classics and former principal Derek Hood to court over 41 collector car deals. Hood founded JD Classics in the ’80s and built it up to be a behemoth of the classic car world from its Maldon, Essex, base and Mayfair showroom.
Prosthetics tycoon Tuke invested over £40 million in classics via JD between 2009 and 2013 and, in finding for Mr Tuke in April, Mr Justice Lavender said Hood’s conduct was ‘deliberate and dishonest’.
Hood later left the company, and Charme Capital Partners, which with co-investors bought a majority stake in JD Classics in 2016, installed former Lotus CEO Jean-Marc Gales.
Mr Tuke’s lawyers state…
