7:57 am, October 8, 2026
Administrators for failed used car dealership GVE London are assisting the police and government agencies with their investigations amid potential legal proceedings.
The former supercar dealership – which specialised in the sale or return (SOR) of high end supercars – collapsed into administration in September last year.
In an update on their progress, administrators Arvindar Jit Singh and David Hinrichsen of FRP Advisory, have said they are investigating a number of serious issues surrounding the collapse.
These include the ‘apparent failure to safeguard funds which should have been held on trust by the company pursuant to the terms of SOR agreements’.
Administrators are also looking into ‘potential preferential payments made to certain creditors’ and the continued trading ‘at a time the company may have been insolvent’.
Car Dealer has contacted GVE London’s director David Rai for comment.
The report says 61 customers – which potentially includes those who had their cars on SOR – as well as businesses are owed £4.39m by GVE London, but administrators do not believe they will get anything back.
HMRC is owed £277,645 which also looks unlikely to be repaid.
Administrators say they also have concerns about the sale of vehicles to a third party shortly before the administration, as well as the ‘sale or transfer’ of a company investment to a connected party.
‘As previously reported, and based on the information available to date, the joint administrators have identified a number of matters which warrant further investigation,’ said the report, just uploaded to Companies House.
The report adds that investigations remain ongoing and said they have instructed solicitors to assist as they look to ‘maximise recoveries for creditors’.
‘Where satisfactory explanations for the matters set out above are not received, the joint administrators will consider what further action may be appropriate, including the commencement of legal proceedings where it is considered to be in the best interests of the administration estate,’ it added.
In a list of activities undertaken, the administrators also confirmed they are ‘assisting police and other government agencies’ with their enquiries.
The report said: ‘We will provide creditors with an update as to the outcome of our investigations in due course.
‘We will consider any further action that may be appropriate, including the commencement of legal proceedings where it is considered to be in the best interests of the administration estate.
‘We shall also consider whether any matters have come to light which require notification to the Secretary of State or National Crime Agency.’
GVE London, based in Uxbridge, specialised in the sale of super and hypercars – selling a large number of them on a sale or return basis. Once sold, customers would expect to be paid for their cars at the price agreed at the point of consignment and the supercar dealer would pocket the difference. This would cover their work, but leaves a potential gap for warranty claims or buy backs.
Once news of the potential administration broke, customers with cars enlisted for sale with the business began turning up at the premises in an attempt to get them back and the story featured in national newspapers.
One video of the dealership site, seen by Car Dealer, showed large crowds of customers huddled outside the various entrances to the dealership on the Trade City Business Park, Uxbridge.
GVE London owned the freehold to Unit 9 at the business park but administrators have so far been unable to sell it. The secured lender is owed approximately £1.4m at the time of administration and default interest is continuing to accrue, but it is not thought a sale will generate enough money to repay the lender.
Administrators have also raised just £42,964 from the sale of company-owned vehicles and equipment, including £27,600 for four trailers, £12,500 for showroom assets and £2,864 for company vehicles.
GVE’s accounting records showed approximately £10m owed to the company when administrators were appointed. Administrators have been examining transactions, bank records, invoices and part-exchanges to establish what might genuinely be outstanding, but some purported debts have been challenged successfully, and the prospect of recovering significant sums ‘remains uncertain’.
Administrator fees are forecast to reach £550,000 and the administration will continue until at least August 31, 2027.
Prior to the crisis, Car Dealer visited GVE London as part of our Selling Supercars series. You can watch the full video above.