Furious supercar owners are scrambling to get their money back after selling Lamborghinis and Ferraris to a dealership that has filed administration papers.
Luxury vehicle traders GVE London, of Uxbridge, west London, submitted a Notice of Intention to Appoint Administrators (NOI) with the High Court at the end of last month.
It means the dealership, which is prominent on TikTok and is often frequented by celebrities, could face the eventual threat of liquidation if its financial affairs are not in order.
The firm, which stocks high-throttle supercars worth up to £1million, has made its money through pocketing the difference of profits made on any eye-watering sales.
But after their accounts were overdue for the last financial year, director David Rai filed the NOI – which he says was a necessity after a ‘substantial fraud’ was uncovered within the business.
Enraged at the prospect they could lose thousands of pounds, wealthy customers turned up at the dealership today to try and reverse their sales.
One finance worker, 30, who did not wish to share his name, said the company bought his Ferrari California T, which has a top speed of nearly 200mph, earlier this summer for a sum of £72,000.
Yet, he says he is still owed £66,000 of the sale despite being promised the money within 14 days.
Luxury vehicle traders GVE London, of Uxbridge, west London, submitted a Notice of Intention to Appoint Administrators (NOI) with the High Court at the end of last month
A deep red Lamborghini was spotted on the premises as the rain pelted down in west London
Supercars worth millions are traded in the dealership – which is facing the threat of administration
‘It’s an absolute shambles,’ he said, adding that he feared his car may have been sold and the money already spent.
The finance worker said if the business sold his car and invested it in the business, it would be ‘exactly the same as someone coming onto my driveway, stealing my car and selling it on’ but in a ‘more clever way’.
He continued: ‘The guys at GVE have been very helpful. But no investors are going to want to invest in this business.
‘I am just trying to find out when I am going to get my money, and if I am going to get it at all. In theory, it’s a stolen car. I’m not the only one in this situation – another guy is owed £120,000.’
The dismayed 30-year-old said he now has ‘no idea if I will get paid at all’ after thinking he would have no issues dealing with ‘one of the largest supercar dealers in the UK’.
GVE London boasts on its website that it has a ‘strong network of influencers’ and celebrity clientele.
The firm also advertises a host of luxury vehicles online, with the most expensive being a Lexus LFA – priced at £999,900.
Supercar owner, Harvey, 60, a retired engineer from the Midlands, said he had to scramble to west London to collect his £240,000 Lamborghini Huracán from GVE London before it was sold.
Concerned customers showed up at the west London dealership today after it filed an NOI
Expensive cars such as Audis and Ferraris are sat in the parking lot of the dealership
This 2025 plate luxury Porsche leaving the premises today is worth more than £100,000
GVE London has made its money through pocketing the difference of profits made on any eye-watering supercar sales (Pictured: A vehicle on the premises today)
A red DAF truck was seen outside GVE London today carrying a black Ferrari vehicle
The vehicles sold at GVE London are some of the most luxurious on earth (Pictured: A Ferrari there today)
‘We’ve gone down and picked the car up within 20 minutes’, he said. ‘The car hadn’t been sold yet. I am definitely relieved. I’m not prone to anxiety, but it was a bit of an anxious weekend.
‘If it had been sold, I don’t know what the conclusion would have been. Probably not as easy as getting the car back would’ve been.
‘It’s the first time we have dealt with GVE. They have dealt with it pretty well. They have dealt with us professionally, the car was nice and clean.
‘They have had a lot of positive commentary across social media. The way it has turned out for us is probably a bit better than other people.
‘I am quite relieved, I’ll be honest.’
At least three Metropolitan Police vehicles were spotted at the dealership today, but the force confirmed to the Daily Mail that there were no reported incidents while they were there.
In a post on Instagram two days ago, company director Mr Rai said the NOI was the beginning of a ‘stronger, more innovative’ chapter for the company.
The 41-year-old said: ‘There has been a lot of rumours spreading around the internet. The first thing I need to address is the confusion with the NOI that was filed.
Metropolitan Police had officers at the scene today where angry customers had turned up – but told the Daily Mail that no incidents were reported while they were there
‘Let me make it clear: this is not an administration. It is a process that we had to undertake after we uncovered quite a substantial fraud within the business.
‘We have deployed this in order to safeguard the assets of the company and to allow us to carry on with negotiations with prospective investors that we’ve been having for many weeks now.
‘The dealership is not closed, we are open [and] we are trading. The showroom is open, our staff are here.
‘I wanted to reassure any customer that has cars downstairs that your cars are safe, and this is why I am here, in the showroom, speaking directly to you now.
‘We ask for your patience and trust while we work through this process with full transparency. If you have any questions or concerns, we want to hear from you.’
He added: ‘Looking forward, we’re not just looking to respond to these challenges, but we’re also looking to reshape the future of the business.’
Mr Rai said the firm has a ‘bold, five-year strategy’ to financially restructure, invest in technology and to develop the showroom in west London.
He claims this will allow them to ‘completely reimagine how people buy and sell supercars’.
The Daily Mail has approached GVE London for further comment.
