There are probably few British classic car restorers and dealers that are also known in Germany or Switzerland. JD Classics is certainly one of them, however, because with around 60 employees and famous restoration projects, the company became known far beyond the country's borders. In addition, the company's own racing team, which also competed in Le Mans and other major historic events, contributed to the company's fame.
But JD Classics and its CEO Derek Hood probably didn't get everything quite right. After all, losses in the region of £25 million are said to have piled up. The company went bankrupt two weeks ago, but was rescued just a few days after the proceedings were opened.
The new CEO is Jean-Marc Gales, the recovery is being financed by HPS Investment Partners LLC and the new name of the resurrected company is Woodham Mortimer Ltd. The previous CEO is said to have actively assisted in the reestablishment and takeover.
The only question is who will be responsible for the liabilities of the former JD Classics and who has suffered losses and in what form.
A website for the new company is already online, the 60 or so skilled workers should be able to continue working and there would be plenty of orders. We can only hope for the best.
