A STRUGGLING super car dealership has appointed administrators as it faces collapse, according to new court documents.
Furious customers filled the car park at dealership GVE London trying to reclaim vehicles while the firm negotiated with investors.
Police at GVE London on September 1[/caption]
It was reported that ‘irate’ customers were at the site[/caption]
The firm specialises in selling supercars on behalf of clients[/caption]
It comes after the dealership last week applied to the High Court with a Notice of Intention to Appoint Administrators.
Filing a NOI, which does not mean the company is already in administration, simply gives them time to explore options – which could include entering administration or finding a rescue solution.
A new submission to the court, however, shows Farheen Qureshi of Parker Getty Limited has been appointed to oversee the administration on September 1.
Uxbridge-based GVE specialises in the sale of super and hypercars, with a large number sold on sale or return (SOR).
Under SOR, car owners entrust the dealership to sell their vehicles on their behalf.
The situation reportedly escalated to the point of police intervention, with the dealership’s car park described as being “full of irate owners”, according to Car Dealer magazine.
Photos showed police officers at the site.
The firm is well-known for its social media presence, especially on TikTok where it has over 1.5million followers.
However, reports have emerged that customers who entrusted their cars to GVE London are now scrambling to retrieve them, resulting in chaotic scenes at the dealership, reportedly involving police intervention.
Car Dealer Mag claimed they’d spoken to famed supercar seller Tom Hartley, who told them he had taken numerous phone calls from affected customers.
That includes one who has a Lamborghini on SOR with GVE London, who claimed the dealership’s car park was “full of irate owners”.
Motoring influencer Yianni Charalambous also claimed customers had been attempting to get their cars back.
According to Companies House records, GVE London’s annual accounts are overdue, while the dealership is reportedly in discussions with potential investors regarding a sale or strategic partnership.
However, no agreement has been reached yet.
The dealership’s sales director, George Gehdu, said last week in an Instagram post: “Whatever happens next, I will always be grateful for the last decade and proud of what we have achieved together.”
In the same post, Gehdu responded to viral videos by Charalambous, clarifying he is not a director and revealing his family has faced death threats amid the dealership’s financial controversy.
The Sun has approached GVE for comment.
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Officers at the scene earlier this month[/caption]
GVE has appointed administrators, according to court documents[/caption]