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A WELL-known supercar dealership is seemingly on the brink of collapse – as it faces severe financial troubles.
GVE London, based in Uxbridge, London, has announced it has officially entered into administration, just days after its reported problems culminated in vehicle owners scrambling to reclaim their plush motors from its car park.
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According to Car Dealer Mag, GVE London has now officially entered administration, days after it reported that they had filed a Notice of Intention to Appoint Administrators (NOI) with the High Court.
They have appointed Farheen Qureshi of Parker Getty Limited to oversee the administration process.
Administration, which is a formal declaration of insolvency, sees the company placed under the control of licensed insolvency practitioners.
The goal now is to rescue the business, achieve a better outcome for creditors than liquidation or sell assets to repay debts – all the while protecting the company from legal action.
As part of this process, the company’s official address has changed to the administrators’ office in Stanmore.
GVE London, which is known for its strong social media presence, including over 1.5 million followers on TikTok, had been a scene of chaos earlier in the week, with customers reportedly scrambling to retrieve vehicles they had entrusted to the dealer under their Sale or Return (SOR) model.
SOR is a process where car owners entrust their vehicles to the dealership to sell on their behalf.
This model, it appears, has contributed to their current challenges.
The situation reportedly escalated to the point of police intervention, with the dealership’s car park described as being “full of irate owners”.
Indeed, famed supercar seller Tom Hartley revealed he had received numerous phone calls from affected customers – including one who had a Lamborghini on SOR with GVE London.
Automotive influencer Yianni Charalambous also claimed that customers had been trying to recover their cars from the dealership.
Despite the dealership’s social media announcement expressing confidence in ongoing investor talks and a potential strategic growth partnership, the administration filing suggests that these efforts have not progressed as hoped.
Sun Motors has made an attempt to contact GVE London for a comment.
‘MORE THAN JUST A JOB’
The situation has been further complicated by the visibility of GVE London’s sales director, George Gehdu.
A recognisable figure due to the dealership’s aforementioned social media presence, Gehdu addressed rumours and public criticism in an emotional Instagram post.
In it, he clarified that he is not the owner of the business, nor a shareholder or director, and has never had any say in its financial decisions.
He revealed that he has been an employee of GVE London for over a decade, starting as a part-time purchasing assistant and helping grow the dealership’s profile through sales and social media.
In the post, he added: “My role has always been focussed on curating deals and connecting clients.
“GVE has been more than just a job for me. It has shaped my life, my career, and introduced me to lifelong friends.
“Whatever happens next, I will always be grateful for the last decade and proud of what we have achieved together.”
