4:09 pm, September 20, 2018
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.
MORE: Warning issued after JD Classics enters into administration
MORE: Dealers displaying iconic cars at new classic show in London’s Docklands
MORE: Oxfordshire dealer sells classic Porsche to customer in Singapore using one video
