11:41 am, September 28, 2026
A director’s loan worth more than £492,000 could be subject to a repayment demand as administrators continue to pick through the collapse of Ford dealer Pilgrims of March.
The long-standing Cambridgeshire dealership entered administration last December after suddenly closing its Melbourne Avenue site and leaving customers in the dark.
Six months on, administrators have revealed that a director’s loan account valued at £492,424 was disclosed in the company’s statement of affairs.
They are now attempting to access Pilgrims’ software to establish the position on the account before potentially demanding repayment.
The administrators said: ‘As per the Directors’ Statement of Affairs, a Director Loan Account was disclosed in the sum of £492,424.
‘Steps are currently being taken to gain access to the Company’s software to reconcile the loan account with a view to making a demand for repayment.’
The administrators’ report does not identify which director or directors the account relates to and does not say that £492,424 will ultimately be recovered.
It lists reconciling the account, with a view to making a repayment demand, among the work still to be completed in the administration.
Pilgrims of March had been trading for around four decades before its sudden closure towards the end of November 2025.
Car Dealer reported at the time that customers had arrived for appointments to find the gates locked, with one customer telling us his car was stuck inside the dealership.
The company formally entered administration on December 3.
Its latest progress report also reveals that the dealership property has since been sold for more than its pre-administration valuation.
Pilgrims owned the freehold of its Melbourne Avenue site, which had been valued at £695,000.
Administrators received interest from several parties and an initial offer of £655,000 before eventually agreeing a £710,000 sale.
That enabled secured lender Together Commercial Finance, which held fixed and floating charges over the business, to be repaid £380,432.79 in full.
There is also expected to be money left for unsecured creditors.
Pilgrims’ statement of affairs showed estimated unsecured claims of just over £1.1m.
So far, 32 unsecured creditors have submitted claims totalling £587,737.81, although the administrators say they have yet to receive claims from another 31 creditors listed in the statement of affairs.
Their current estimated outcome shows £224,179.93 available to unsecured creditors.
Administrators therefore anticipate that a dividend may be available, although its eventual size has not yet been determined.
Another asset being dealt with was a two-bedroom holiday lodge in Norfolk.
The Prestige Casa De Luca lodge was carried in Pilgrims’ books at £100,000 but was valued by Eddisons at a net £54,423 after its condition, licence arrangements and costs were taken into account.
Holiday park operator Searles initially offered £25,000 for it.
Administrators rejected that figure and eventually agreed a sale for £49,500, which completed in May.
As part of the administration process, the administrators have also reviewed the circumstances surrounding Pilgrims’ failure and the conduct of its directors.
A report has been submitted to the Department for Business and Trade under the Company Directors Disqualification Act 1986, as required of administrators but the contents are confidential.
The progress report says further investigations are ongoing but adds that ‘no claims and/or actions have been identified at this time’.
Administrators currently expect the company to move into creditors’ voluntary liquidation once the administration has been completed.