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JD CLASSICS

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Chris_R
Posts: 404
Joined: Wed Feb 10, 2016 12:48 pm
Location: Twickenham

JD CLASSICS

Post by Chris_R » Wed Sep 19, 2018 11:05 pm

It was announced today is that JD Classics has been sold to Woodham Mortimer.
Curious set of events though.
Jean-Marc Gales (a Luxembourger, resident in Italy) leaves Lotus on 4th June 2018 and is announced on 12th June that he joins JD Classics. Replaces Derek Hood as CEO. Appointed Director of JD Classics on 23rd July 2018.
Woodham Mortimer Ltd is incorporated on 10th September 2018. Jean-Marc Gales is appointed Director of Woodham Mortimer on 10th September.
JD Classics goes into administration on 11th September 2018. Cited due to "financial irregularities" by previous management (Derek Hood was convicted of "deliberate and dishonest conduct" in a court action brought by a customer who lost a substantial amount of money).
JD Classics is bought by Woodham Mortimer on 19th September.
Jean-Marc Gales is announced as Chairman and CEO of Woodham Mortimer.
I'm sure this is all above board.

Footnote: In January 2017 Jean-Marc Gales was clocked at 102mph on the A11. In January 2018 he escaped a long ban after arguing he needed to test his company's products. With 8 points already on his license, no further points were added and he was given a 30-days ban and a fine of £666. In 2014 he was caught doing 96mph on the same stretch of road.

grahamemmett
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Re: JD CLASSICS

Post by grahamemmett » Wed Sep 19, 2018 11:35 pm

Stinks
Graham Emmett
Northwich, Cheshire
Joint DB18 Registrar (with Marcel Renshaw)
DB18 1949 LCV522 (Yes that one with the P100s)
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Petelang
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Re: JD CLASSICS

Post by Petelang » Thu Sep 20, 2018 2:50 pm

Sounds like a way for Woodham Mortimer to not have to pay outstanding supplier costs and evade liabilities.
As you say Graham, it stinks...
Peter
Peter Langridge
Cloud Nine Classic Weddings, Nottingham.

grahamemmett
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Re: JD CLASSICS

Post by grahamemmett » Fri Sep 21, 2018 11:32 pm

He's a Luxembourger with Italian residency but a UK Driving Licence?
As Peter says just a scam to defraud all the small suppliers.
Graham Emmett
Northwich, Cheshire
Joint DB18 Registrar (with Marcel Renshaw)
DB18 1949 LCV522 (Yes that one with the P100s)
https://www.db18.org

Chris_R
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Re: JD CLASSICS

Post by Chris_R » Sat Sep 22, 2018 1:07 am

You may wish to read the cause of the downfall of Mr Derek Hood and JD Classics.
http://www.wilmotslitigation.co.uk/site ... Tuke_0.pdf

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Vortex O'Plinth
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Re: JD CLASSICS

Post by Vortex O'Plinth » Sat Sep 22, 2018 1:49 pm

Chris_R wrote:
Sat Sep 22, 2018 1:07 am
You may wish to read the cause of the downfall of Mr Derek Hood and JD Classics.
http://www.wilmotslitigation.co.uk/site ... Tuke_0.pdf
Interesting. Regardless of the rights or wrongs of the case, in reading the judgement the correspondence between the parties does reinforce how much 'Classic' cars - certainly at the more exotic levels - have become a tradable commodity rather than an enthusiasts 'dream'.

The market has come to share many of the characteristics of that for Fine Art, where what is being sold is not primarily the object itself, but its provenance. I'm put in mind of the ex-Police SP250 bought by Chris Evans for £50.4k and sold by him less than a year later for £82.1k. It's hard to imagine the cars intrinsic worth had appreciated by 60% in that time so one must conclude that the rise is primarily due to the appearance of Evans' name in the V5C. No doubt £30k profit is of little significance in relation to his financial worth, but it still represents a nice return on investment.

With the majority of 'our' cars still of little interest to the serious investor, they continue attract the enthusiast rather than the speculator, many of them a testament to the hours - and sometimes years - of restoration, often on limited budget and facilities, to preserve a car for its attributes rather than its history.
Nick

Pas d'elle yeux Rhône que nous.

Stan Thomas
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Re: JD CLASSICS

Post by Stan Thomas » Mon Sep 24, 2018 7:39 am

I think you've summed it up very well there Nick!

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