The sudden closure of Pilgrims of March that left customers locked out and vehicles trapped behind padlocked gates has now been laid bare as a collapse driven by overwhelming debt, according to official Companies House filings.
The long-established March motor dealership formally entered administration on December 3, 2025, just days after confusion and anger spread through the town when the business closed without warning.
An analysis of the company’s statement of affairs shows that Pilgrims of March Limited collapsed owing more than £1.1 million to unsecured creditors, with a total shortfall of nearly £700,000 once assets were accounted for.
Registered at 5 Melbourne Avenue, March, the company was placed into administration under insolvency practitioners Dean Watson and Paul Stanley of Manchester, with additional oversight by Andrew Mark Bland of DMC Recovery Limited.
The statement of affairs was signed by director Gary Robinson on December 28.
Locked gates, then locked finances
When customers arrived in late November for MOTs, servicing and vehicle collections, they found the site closed and the business silent. Cars were left locked inside the yard, with no staff present and no explanation issued.
At the time, speculation swirled locally over whether Pilgrims had entered receivership, particularly after the resignation of director Michelle Robinson and the sudden disappearance of the company’s online presence. Ford also removed Pilgrims from its active dealer listings.
Now, the Companies House documents reveal that behind the silence lay a severe financial imbalance.
A business buried in borrowing
On paper, Pilgrims of March appeared asset rich. Its statement of affairs lists total assets with a book value of £1.3 million, including property, fixtures and fittings, a static caravan, cash at bank and a director’s loan account.
But once secured lending and fixed charges were taken into account, the realisable value collapsed. Only £170,608.68 was estimated to be available for preferential creditors, a fraction of what was owed.
Against this stood a mountain of liabilities
HM Revenue & Customs alone was owed nearly £34,000 in unpaid VAT and corporation tax. Preferential creditors, including employees owed wages, holiday pay and pension contributions, were owed just over £2,000.
The largest burden, however, lay with unsecured creditors.
More than 50 lenders, suppliers and institutions were owed a combined total exceeding £1.1 million. The figures point to a business heavily reliant on external finance to keep operating.
Major unsecured debts included:
- £300,000 to Together Commercial Finance
- £210,000 to Fleximize
- £110,725 to L E Capital
- £107,690 to BCA Funding
- £80,000 to Kriya Finance
- Multiple loans from Funding Circle totalling more than £270,000
- £49,000 each to iwoca and Portman Finance Group
In addition, NatWest was owed £10,000 under a Bounce Back Loan, and Haogen Finance (Cyprus) was listed for £40,000.
Local suppliers, trades and service firms — including tyre companies, garages, cleaners, waste services and parts suppliers — also appeared throughout the creditors’ list, some owed small sums, others several thousand pounds.
Employees and the human cost
Four employees were classed as preferential creditors, owed a combined £1,527 in unpaid wages and holiday pay. A further nine employees appeared among unsecured creditors, owed more than £80,000 between them.
For staff already dealing with the shock of an unannounced closure, the documents confirm that many were left unpaid when the business ceased trading.
From solvency to collapse
Just months earlier, Pilgrims of March’s published accounts suggested a company still trading and solvent. For the year ending March 31, 2024, the firm reported net assets of £722,593, despite a significant year-on-year decline.
Those accounts showed rising long-term debt, falling asset values and heavy reliance on secured borrowing, but directors stated the company had “adequate resources” to continue trading.
The statement of affairs now reveals how quickly that position unravelled.
The estimated deficiency to creditors stands at £614,141, rising to £694,141 once shareholders are included — meaning there is nothing left for the company’s owners. The issued share capital of 80,000 ordinary shares, held equally by Gary and Michelle Robinson, has been wiped out.
Little left to recover
Administrators will now attempt to realise whatever value remains in the business’s assets, but the figures suggest that most creditors will recover little, if anything.
With so many loans unsecured and asset values sharply reduced once charges are applied, the collapse of Pilgrims of March stands as a stark example of how debt can quietly accumulate behind the scenes of a familiar local business.
For March residents who first learned of the dealership’s troubles through locked gates and unanswered phones, the Companies House filings now provide clarity — but little comfort.
