JD Classics acquired by Woodham Mortimer
Essex-based classic car dealer rescued by US-owned Woodham Mortimer, with jobs and premises retained
So JD Classics is no more - but the business has been saved. The classic car restoration, racing and sales company will continue under a new name - Woodham Mortimer Limited - having been acquired by a business of the same name.
It means that the 60 or so employees in Maldon keep their jobs, and that the motorsport operation will continue. The stocklist is back on a new homepage - very fine it looks, too - and Jean-Marc Gales continues as CEO and Chairman.
In a press release issued today, Woodham Mortimer is said to now benefit from "a solid financial foundation that will deliver a sustainable yet ambitious development plan." While keeping hold of the people that helped JD achieve its success, Woodham Mortimer is "excited to bring a fresh new brand" to the world of classic cars.
And if the name Woodham Mortimer isn't familiar, then it shouldn't be - it's brand new, and owned outright by HPS Investment Partners LLC of New York. The HPS MD Jeff Fitts said the investment "recognises its [Woodham Mortimer's] highly credible and experienced CEO and uniquely talented engineers".
Speaking of that CEO, Jean-Marc Gales added, "It is fantastic news that we can today announce a future with financial security and a solid plan for growth... Despite the difficulties of the recent past, the company remains a world-class organisation with a workforce of dedicated and highly talented individuals."
So it would appear there's at last some good news to come out of the rather sorry JD Classics affair. Woodham Mortimer is trading as of now, with customer motorsport and restoration plans afoot as well as car sales. A new name then, though seemingly still much of what made the company a renowned name in years gone by - we look forward to seeing what comes next.
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