BELEAGUERED car restoration firm JD Classics has been bought by Woodham Mortimer Ltd, it was announced today.
The sale safeguards the jobs of approximately 60 employees at the Maldon-based company, which went into administration earlier this month, as reported by Car Dealer.
The new business began trading with immediate effect under the name Woodham Mortimer.
Jean-Marc Gales, pictured, the former chief executive of Group Lotus, will lead the new company as its chairman and chief executive. He said: ‘It is fantastic news that we can today announce a future with financial security and a solid plan for growth through the acquisition by Woodham Mortimer Ltd.
‘Despite the difficulties of the recent past, the company remains a world-class organisation with a workforce of dedicated and highly talented individuals. We will continue to develop a business that builds upon the excellence that JD Classics established, and look forward to a future at the absolute pinnacle of classic car restoration, historic competition and sales.’
Woodham Mortimer Ltd is a newly established company wholly owned by HPS Investment Partners LLC of New York. Jeff Fitts, managing director of HPS Investment Partners, said: ‘Our investment in Woodham Mortimer through this new chapter of its operations recognises its highly credible and experienced CEO and uniquely talented engineers who possess a passion for timeless design and exquisite craftsmanship.’
The company is already trading, with its workshops full and numerous restoration projects under way, and said it planned to support clients in a full season of motorsport and rally activity for the remainder of the season throughout 2019.