Alvarez & Marsal Europe, the business advisory group, has appointed CAPA to conduct a rates audit at a classic car restoration firm saved from the brink of collapse.
Based at a head office in Maldon, Essex, JD Classics has an illustrious history in restoring classic cars, as well as running its own racing team, which has competed successfully at international races including the Goodwood Revival, the Le Mans Classic, the Spa 6 hrs and the Silverstone Classic.
Hundreds of classic cars worth a fortune, such as the 1958 Jaguar XK150 Drophead Coupe, and the 1956 Porsche Speedster, are brought to JD Classics from around the world for restoration
After the company experienced financial difficulties earlier this year, Mark Firmin, Richard Beard and Richard Fleming of Alvarez & Marsal were appointed joint administrators of the business on September 20 2018.
The administrators soon found a new buyer for
the company - Woodham Mortimer Ltd - a newly established company wholly owned
by HPS Investment Partners LLC, based in New York.
The sale safeguards the jobs of about 60 staff at the Maldon headquarters, and includes its world-renowned workshop and restoration business, as well as the racing team.
Alvarez & Marsal has now instructed CAPA to conduct a rates audit on six properties across the business.
The instruction means CAPA’s team of auditors will use bespoke software to audit the rates paid out across the locations, to inspect the amounts and discover any sums that can be recovered for the creditors of JD Classics, due to anomalies or errors.