what happened to gve london

GVE London, a supercar dealership based in Uxbridge, London, experienced a financial collapse and entered administration in 2025. The business specialized in selling super and hypercars, many on a sale or return (SOR) basis, meaning customers entrusted their cars for sale with the expectation of being paid once sold. This business model failed spectacularly, leading to severe financial troubles and the company owing hundreds of thousands of pounds to both company and consumer creditors. The appointed administrator, Farheen Qureshi, resigned after just 22 days, and new administrators from FRP Advisory, Arvindar Jit Singh and David Hinrichsen, took over. They are managing the company's assets, creditors, and investigating director conduct. The finances reveal a shortfall of around £1.8 million across creditors, and unsecured debts may be written off. The company is expected to be dissolved within the next year if recovery efforts fail. The situation caused significant distress among customers attempting to reclaim their vehicles, with reports of crowds at the dealership premises. The administration also highlighted issues around asset security and conflicts with landlords at the dealership site. Overall, GVE London's collapse reflects operational and financial mismanagement of a luxury supercar dealership.