JD Classics, what have they been up to?

JD Classics, what have they been up to?

Author
Discussion

silentbrown

8,907 posts

118 months

Tuesday 4th September 2018
quotequote all
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.

Livia1

20 posts

74 months

Tuesday 4th September 2018
quotequote all
A number of their cars are in Bonhams auction at the Goodwood Revival.

Doofus

26,222 posts

175 months

Tuesday 4th September 2018
quotequote all
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?

av185

18,649 posts

129 months

Tuesday 4th September 2018
quotequote all
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?
No.

Doofus

26,222 posts

175 months

Tuesday 4th September 2018
quotequote all
Spoken very confidently.

northo

2,375 posts

221 months

Tuesday 4th September 2018
quotequote all
aeropilot said:
Doofus said:
and the time to be making them some insulting offers is now.
yes
I'll wager that there will be some questions over title on some of those cars as soon as the auction dust has settled....

northo

2,375 posts

221 months

Tuesday 4th September 2018
quotequote all
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.
You couldn't make this up.

Oh, they did....

lowdrag

12,942 posts

215 months

Tuesday 4th September 2018
quotequote all
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.

_Sorted_

331 posts

79 months

Tuesday 4th September 2018
quotequote all
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?
No.
Just finished reading the book about Philip Green and BHS. As a side issue a company in late nineties called Landhurst Leasing was mentioned as part of the story. On page 60 a source involved in administration said "They had to liquidate "so many bloody Ferraris'" they affected the market for supercars."

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.

Bizzarini

713 posts

269 months

Tuesday 4th September 2018
quotequote all
As a Finance Broker I got involved with Landhurst Leasing
I just escaped
Wrote about the saga in my book.



Burwood

18,709 posts

248 months

Tuesday 4th September 2018
quotequote all
_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?
No.
Just finished reading the book about Philip Green and BHS. As a side issue a company in late nineties called Landhurst Leasing was mentioned as part of the story. On page 60 a source involved in administration said "They had to liquidate "so many bloody Ferraris'" they affected the market for supercars."

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.
And the shocking part. The two Directors, convicted of corruption and fraud to finance an F1 team leaving others £50M out of pocket and in the 90's. A vast figure today, each got a piddly 3 years and only served a fraction. Bloody disgrace.

_Sorted_

331 posts

79 months

Tuesday 4th September 2018
quotequote all
Bizzarini said:
As a Finance Broker I got involved with Landhurst Leasing
I just escaped
Wrote about the saga in my book.
Am gullible. Think if you say orange slowly enough it sounds like gullible. If you have a book, please spill the beans on title etc and you have a sale.

TooMany2cvs

29,008 posts

128 months

Tuesday 4th September 2018
quotequote all
_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/

_Sorted_

331 posts

79 months

Tuesday 4th September 2018
quotequote all
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/
Thank you. Should have checked. Buying now.

Bizzarini

713 posts

269 months

Tuesday 4th September 2018
quotequote all
Yes I believe the financed Brabham F1
One of the bad boys was Ted Ball if I recall




Willhire89

1,332 posts

207 months

Tuesday 4th September 2018
quotequote all
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...

Bizzarini

713 posts

269 months

Tuesday 4th September 2018
quotequote all
_sorted_

Book in the post.

THX !

silentbrown

8,907 posts

118 months

Tuesday 4th September 2018
quotequote all
Bizzarini said:
Book in the post.
Looking forward to the (first!) book... Thanks for the call smile

Bizzarini

713 posts

269 months

Tuesday 4th September 2018
quotequote all
Two books off to KT

Thanks !

Bizzarini

713 posts

269 months

Wednesday 5th September 2018
quotequote all
Books off to LE & SG

Total of Book 1 sold...now over 2000
Children's Charities & Addenbrookes Cancer Trust have now benefitted by over £18,000 ( see book 2)