A CLASSIC car firm in Maldon has been sold, saving it from closure and safeguarding 60 jobs.

The Standard reported last week that JD Classics, based in the Wycke Hill business park, had gone into administration, with the administrators identifying several historical financial irregularities.

However, Alvarez and Marsal Europe LLP have announced they have successfully sold the business to Woodham Mortimer Ltd, a company ultimately controlled by HPS Investment Partners LLC.

The sale will allow JD Classics to continue trade as normal in the town as one of the UK’s leading restoration, historic racing and trading companies for premium classic cars.

It will also mean the 60 people employed by the company in Maldon will keep their jobs.

A&M will continue to progress through their planned turnaround and growth plan with a view to providing a new start to the business based on solid foundations.

Mark Firmin, Joint Administrator and Managing Director at A&M, said: “This deal will ensure that the JD Classics business can continue to grow and prosper as a world class business.

“The firm benefits from an outstanding collection of cars, a bespoke restoration facility, and a team of highly skilled craftsmen and engineers.

“We would like to thank all the staff for their support during this process and we wish the company and its new owners all the best for future.”

Jean Marc Gales, Chairman and CEO of Woodham Mortimer Limited, said: “It is with great delight that JD Classics can announce its financial security and future growth through its sale to Woodham Mortimer Ltd.

“Despite the difficulties of the recent past, JD Classics remains a world-class organisation with a workforce of dedicated and highly talented individuals.

“We will continue to grow and develop the business, and we look forward to a future at the absolute pinnacle of classic car restoration, historic competition and trading.”

The company’s website, which had previously gone offline when administrators took over last week, is now available once again.

Visit www.jdclassics.com.