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Tycoon Who Spent £40M On Classic Cars Sues Car Dealer....


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#1 mab01uk

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Posted 24 March 2018 - 08:34 AM

Seen on Telegraph News:-
"A tycoon who spent £40 million on classic cars is suing a car dealer he invested with, claiming he is a “serial fraudster” who invented fictitious buyers and sellers.
Mike Tuke, an engineer, began investing when he sold his pioneering prosthetics company, Finsbury Orthopaedics, in 2009 for over £60 million.
The High Court heard he was “not overly impressed” with returns on standard investments and so after a “long and amiable meeting” with Derek Hood, an Essex car dealer, he decided to put his cash into classic cars.
Mr Tuke says the dealer told him classic cars were “better than banks” and that he “could double his money”.
Between December 2009 and March 2013, he bought 40 iconic motors,
including a Jaguar XKSS, Jaguar Group C racing cars, a Ferrari 250TR and Lister Knobbly, at a total cost of almost £40 million.
Mr Tuke, from Guildford, is now suing Mr Hood and his company, JD Classics Ltd, for around £9 million....
https://www.telegrap...ested-claiming/
(Just click close if website pop-up asks you to register)

Inside the world's greatest classic car business: JD Classics:-
https://www.autocar....ess-jd-classics

 



#2 r3k1355

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Posted 25 March 2018 - 11:18 AM

Foolish to entrust so much money to one guy with such little over-sight?



#3 Mini-dude

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Posted 09 April 2018 - 12:45 AM

Should have invested in one car and just made the panels out of gold or silver, i would have trust that more then letting someone have so much money with such little control on how to use it

Edited by Mini-dude, 09 April 2018 - 12:46 AM.


#4 Ethel

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Posted 09 April 2018 - 09:03 AM

He might find lawyers are an even worse investment.

 

Don't get why anyone would consider something that rusts and breaks a good investment. As a nonessential luxury with sizeable costs of ownership the bottom could drop out of the market very quickly.



#5 Homersimpson

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Posted 09 April 2018 - 09:52 AM

A fool and his money are soon parted!

 

This is just a simple case of greed, he thought he could get rich(er) quick and its all turned to a pile of turd on him, if high end classic cars were such a good investment everyone with money would be buying and selling them.



#6 Haygate

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Posted 09 April 2018 - 10:31 PM

Should of put his money in property. I have never made money on cars, well once and that was a 2cv I bought for £85 and with a clean up, a can of spray paint and advert In local paper I sold it for £250 :)

#7 Mini-dude

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Posted 09 April 2018 - 10:59 PM

Property doesn't have the same bragging rights that a Ferrari or a mini with golden or silver panels has. Lol ;)

Edited by Mini-dude, 09 April 2018 - 11:00 PM.


#8 mab01uk

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Posted 26 August 2018 - 05:26 PM

Classic car dealer JD races for funding amid 'fraud probe':-

https://news.sky.com...-probe-11480930



#9 r3k1355

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Posted 29 August 2018 - 01:33 PM

He may have resigned from one company, but look at the shopping list of other JD Classics companies he is still a director of

 

https://beta.compani...JE/appointments



#10 harrythehat

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Posted 29 August 2018 - 04:02 PM

there was a warning first off

A car dealer from Essex !

was he sure.






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