JD Classics, what have they been up to?
Discussion
lowdrag said:
An interesting commentary copied from another site:I was reading the business section of the Sunday Times ...
Link here. https://www.thetimes.co.uk/edition/business/when-h...Relevant snippet says...
Times said:
Bell Pottinger car crash continues
Will Bell Pottinger ever rest in peace? Three years ago, the bust PR firm, beloved of despots and dodgy directors, was punting a story about a boom in the classic car market. It enthused about JD Classics, an Essex-based dealership founded by Derek Hood, who had “single-handedly transformed the classic car retail market over the past 20 years”.
Bell Pottinger said JD Classics would “explain the investment rationale for buying a classic car, where with the right advice and judgment a 100% return on investment could be achieved within 18 months”.
Too good to be true? Hood, 58, resigned in July after a judge found he had engaged in “deliberate and dishonest conduct” with a customer. And last week, law firm Pinsent Masons filed a court application to appoint administrators on behalf of JD Classics. Restructuring firm Alvarez & Marsal had been racing to find new investment after the discovery of irregularities left JD Classics’ lenders, including Lloyds, facing a loss of £25m. JD Classics now looks set to join Bell Pottinger on the scrapheap.
Will Bell Pottinger ever rest in peace? Three years ago, the bust PR firm, beloved of despots and dodgy directors, was punting a story about a boom in the classic car market. It enthused about JD Classics, an Essex-based dealership founded by Derek Hood, who had “single-handedly transformed the classic car retail market over the past 20 years”.
Bell Pottinger said JD Classics would “explain the investment rationale for buying a classic car, where with the right advice and judgment a 100% return on investment could be achieved within 18 months”.
Too good to be true? Hood, 58, resigned in July after a judge found he had engaged in “deliberate and dishonest conduct” with a customer. And last week, law firm Pinsent Masons filed a court application to appoint administrators on behalf of JD Classics. Restructuring firm Alvarez & Marsal had been racing to find new investment after the discovery of irregularities left JD Classics’ lenders, including Lloyds, facing a loss of £25m. JD Classics now looks set to join Bell Pottinger on the scrapheap.
silentbrown said:
lowdrag said:
An interesting commentary copied from another site:I was reading the business section of the Sunday Times ...
Link here. https://www.thetimes.co.uk/edition/business/when-h...Relevant snippet says...
Times said:
Bell Pottinger car crash continues
Will Bell Pottinger ever rest in peace? Three years ago, the bust PR firm, beloved of despots and dodgy directors, was punting a story about a boom in the classic car market. It enthused about JD Classics, an Essex-based dealership founded by Derek Hood, who had “single-handedly transformed the classic car retail market over the past 20 years”.
Bell Pottinger said JD Classics would “explain the investment rationale for buying a classic car, where with the right advice and judgment a 100% return on investment could be achieved within 18 months”.
Too good to be true? Hood, 58, resigned in July after a judge found he had engaged in “deliberate and dishonest conduct” with a customer. And last week, law firm Pinsent Masons filed a court application to appoint administrators on behalf of JD Classics. Restructuring firm Alvarez & Marsal had been racing to find new investment after the discovery of irregularities left JD Classics’ lenders, including Lloyds, facing a loss of £25m. JD Classics now looks set to join Bell Pottinger on the scrapheap.
Will Bell Pottinger ever rest in peace? Three years ago, the bust PR firm, beloved of despots and dodgy directors, was punting a story about a boom in the classic car market. It enthused about JD Classics, an Essex-based dealership founded by Derek Hood, who had “single-handedly transformed the classic car retail market over the past 20 years”.
Bell Pottinger said JD Classics would “explain the investment rationale for buying a classic car, where with the right advice and judgment a 100% return on investment could be achieved within 18 months”.
Too good to be true? Hood, 58, resigned in July after a judge found he had engaged in “deliberate and dishonest conduct” with a customer. And last week, law firm Pinsent Masons filed a court application to appoint administrators on behalf of JD Classics. Restructuring firm Alvarez & Marsal had been racing to find new investment after the discovery of irregularities left JD Classics’ lenders, including Lloyds, facing a loss of £25m. JD Classics now looks set to join Bell Pottinger on the scrapheap.
Oh, they did....
As regards market prices, I followed the Beaulieu sale and some things defied belief. A NOS S1 E-type bonnet for example. £7,000 new and £18,400 at auction. But a Stutz Bearcat, one of the holy grails in the USA, had a starting estimate of £150,000 and stalled at £90,000. A beautiful XK 150 coupé fetched £55,000 and a "barn find" XK150S 3.4, stored since 1975, fetched £66,000. So frankly I am not sure what is happening with the market. I watched five cars running unsold, and there were enough others too. Quite probably most of the punters were unaware of the JD scandal, but I am only surmising.
av185 said:
Doofus said:
Livia1 said:
A number of their cars are in Bonhams auction at the Goodwood Revival.
So will this be when we see the first signs of market price adjustment?The book, Damaged Goods, and the Landhurst Leasing story are well worth seeking out as jaw dropping in the excess involved and way people who were crooked, but seemed plausible, were ladled with cash under the most flimsy of reasons. All went wrong and I can see that happening with price of car prices re JDC, although as previously mentioned it is cheap and easy money that is the overall driver.
_Sorted_ said:
av185 said:
Doofus said:
Livia1 said:
A number of their cars are in Bonhams auction at the Goodwood Revival.
So will this be when we see the first signs of market price adjustment?The book, Damaged Goods, and the Landhurst Leasing story are well worth seeking out as jaw dropping in the excess involved and way people who were crooked, but seemed plausible, were ladled with cash under the most flimsy of reasons. All went wrong and I can see that happening with price of car prices re JDC, although as previously mentioned it is cheap and easy money that is the overall driver.
_Sorted_ said:
If you have a book, please spill the beans on title etc and you have a sale.
From his profile...https://www.letthemstare.co.uk/
TooMany2cvs said:
_Sorted_ said:
If you have a book, please spill the beans on title etc and you have a sale.
From his profile...https://www.letthemstare.co.uk/
Livia1 said:
A number of their cars are in Bonhams auction at the Goodwood Revival.
Who coincidentally have just announced a change of owner: http://news.epiris.co.uk/linkapp/cmaview.aspx?Link...
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