11:10 am, March 30, 2026
Failed supercar dealer Targa Florio collapsed with debts of almost half-a-million pounds, according to new documents.
Car Dealer reported earlier this month that the Chichester-based retailer had appointed liquidators, following its spectacular implosion back in January.
Further documents have now been published via Companies House, revealing just how deep the crisis was running at the business, prior to the plug being pulled.
A statement of affairs, made public earlier this month, has revealed that the firm owes a whopping £494,405.89 to 37 unsecured creditors.
Debts include £41,206.81 to 26 trade and expense creditors; £21,062.92 owed to three employees; £16,085.16 owed to two banks and £375,886.50 which is outstanding to six finance companies.
The company’s disgraced founder and owner – William Kirkham – is also owed £19,226.42 via a directors loan account. He told the BBC earlier this year that he was planning to file for bankruptcy.
The largest individual debt is to NextGear Capital UK, which is owed an eye-watering £125,818.59, while while HM Revenue & Customs is owed £42,000 in unpaid VAT and PAYE liabilities.
Additional borrowing includes a NatWest loan of £4,397.16 and a NatWest OneCard balance of £11,688, alongside a number of smaller obligations to suppliers and service providers.
It has also been revealed that the firm has just £30,000 in assets, leaving liquidators to deal with an overall deficiency of £486,318.81.
The liquidation process is being overseen by Thomas Charles Russell and Sandra Lillian Mundy, of James Cowper Kreston.
Despite multiple complaints when the dealership closed, the statement of affairs shows that Targa Florio Cars Limited does not owe any money to customers.
When Car Dealer visited the ex-Targa Florio dealership earlier this year it found all cars had been removed and the site still had computers on the desks and many items left behind.
One customer who gave his car to Kirkham on sale or return said he was told by the owner that the dealership would reopen on January 5, but when he turned up everything had gone.
Kirkham’s solicitor told the BBC that the decision to close had been taken ‘following very difficult trading conditions’.
He blamed ‘black book realignment, the increase in business rates, national insurance and other business expenses’.
Targa Florio Cars was a regular nominee at the Car Dealer Magazine Used Car Awards and consistently received excellent reviews on Google and Autotrader.
Previous wins included Best Use of Video in 2021 as well as securing the Used Car Website of the Year win in both 2018 and 2019.
A spokesman for the liquidators told Car Dealer on March 17: ‘We can confirm that Tom Russell and Sandra Mundy of James Cowper Kreston were appointed as joint liquidators of Targa Florio Cars Limited on 9 March 2026.
‘Information will be publicly available at Companies House in due course.’
