The competency of PwC’s audits of classic and racing car dealer JD Classics may be questioned in the High Court as administrators from Alvarez & Marsal sue the accountancy firm for failing to spot fraud.
JD Classics founder Derek Hood is being sued for £64 million by the failed classic car restoration and retail business’ administrator Charme Capital.
JD Classics administrators Alvarez & Marsal Europe LLP (A&M) has secured a buyer for the classic car restoration, racing and sales specialist.
Alvarez & Marsal Europe LLP (A&M) been appointed as administrators to restoration, historic racing and classic car dealer JD Classics Limited.
JD Classics has appointed former Lotus chief executive Jean-Marc Gales as its new chief executive, stating that he is “excited” to be joining its team of “very talented technicians and craftsmen”.
A High Court hearing has found that classic car dealer JD Classics did act as an agent for a collector who claims to have “suffered catastrophic losses” during the trading of 41 vehicles.
A classic car collector has started High Court proceedings against JD Classics after alleging that the trader invented fictitious buyers and sellers to boost its sales profits.
JD Classics has announced its international expansion through a partnership with Morris and Welford in the US.
Derek Hood made £21.2 million profit selling 170 historic cars last year and is about to open a branch in California.
Welcome to the first 2017 issue of Independent Dealer, containing our updated list of the 50 biggest independent car dealers in the UK.
