The founder of a prosthetics company says he was duped after spending £40m on classic cars and is suing the car dealer he invested with for £9m.
Mike Tuke sold his prosthetics firm, Finsbury Orthopaedics, for £60m and proceeded to invest with an Essex car dealer, Derek Hood, who Mr Tuke now claims is a “serial fraudster”.
The case has been taken to the High Court, which heard that between December 2009 and March 2013, Mr Tuke bought 40 iconic cars totalling £40m.
According to Mr Tuke, the car dealer said investing in classic cars “could double his money”.
Mr Tuke is now suing Mr Hood and his company, JD Classics Ltd, after he was “not overly impressed” with the return.
But Mr Hood says he and the company did nothing wrong and had not agreed to act as Mr Tuke’s “sales agent”. The full High Court trial is set to ensue later this month.
DePuy Orthopaedics acquired the UK-based manufacturer and distributor in 2009 for a significant but undisclosed sum.
With the acquisition of Finsbury Orthopaedics, DePuy gained several key products, including the DeltaMotion Ceramic-on-Ceramic Hip System, the ADEPT Metal-on-Metal Hip Resurfacing and Total Hip System, as well as the Medial Rotation Knee System, the Dual Bearing Knee System, the BOX Total Ankle Replacement, Tuke Saw and multiple small joint reconstructive implant lines.