Swindon dealer Nathan Hunt Cars Ltd, trading as Apex Cars Direct, entered liquidation with £350,300 in debts.

Swindon‑based used‑car dealer Nathan Hunt Cars Ltd, trading as Apex Cars Direct since 2016, entered liquidation after its statement of affairs revealed debts of £350,300.79 as of 16 October 2026. The collapse highlights the risks of high PAYE liabilities and limited asset recovery for similar motor‑trade businesses.

Key takeaways

Total liabilities amounted to £350,300.79, with £122,000 owed to HMRC for PAYE and NI.
Vehicle stock valued at £909,633 was deemed to have nil recoverable value in liquidation.
Unsecured non‑preferential creditors face a shortfall of roughly £340,500.
Director Nathan Hunt held a loan account of £57,613 owed to him.

Company background

Nathan Hunt Cars Ltd has operated in Swindon under the Apex Cars Direct banner since 2016. The firm’s share capital was £40,102, split between director Nathan Hunt and shareholder David Beesley.

The company’s statutory accounts showed a broad portfolio of assets, but cash‑flow pressures led to its entry into liquidation in October 2026.

Liabilities and major creditors

At the time of assessment the business owed £350,300.79 in total. The largest single liability was £122,000 to HMRC for unpaid PAYE and National Insurance. Other significant debts included £73,139 to Funding Circle, £57,613 to director Nathan Hunt’s loan account, and £35,000 to P&D Automotive Solutions Ltd.

Additional trade creditors included Autotrader (£9,292), Carwow (£4,776), Motorway (£4,574) and CarGurus (£1,000). Barclays Bank and Kennet Equipment Leasing were also listed among the creditors.

Asset valuation and expected recovery

The statement of affairs recorded assets with a book value of £1,256,879. This comprised vehicle stock worth £909,633, intercompany debt of £170,197, trade debtors of £57,826 and other debtors of £56,498, plus plant, machinery and leasehold improvements.

Liquidators, however, did not expect meaningful returns. Several asset categories were marked as having uncertain realisable values, and the vehicle stock was valued at nil for recovery purposes.

Liquidation administration

The winding‑up is being overseen by Jane Hardy and Rosalind Mary Hilton of Adcroft Hilton Limited. The director signed the statement of affairs on 19 October 2026.

Unsecured non‑preferential creditors are estimated to be owed £211,217, while secondary preferential creditors, principally HMRC, are owed £122,000. Overall, creditors face an estimated shortfall of about £340,500.

What this means for dealers

The case underscores the importance of managing tax liabilities and maintaining sufficient cash reserves. Even substantial vehicle inventories may provide little recourse if realisable values drop during insolvency.

Dealers should regularly review creditor terms, monitor funding obligations, and ensure that asset valuations reflect realistic market conditions to avoid similar outcomes.

Frequently asked questions

What caused the liquidation of Nathan Hunt Cars Ltd?

The business accumulated debts exceeding £350,000, with the biggest exposure being £122,000 owed to HMRC for unpaid PAYE and National Insurance, alongside significant borrowing and trade liabilities, which together drove it into liquidation in October 2026.

How are unsecured creditors affected by the shortfall?

Unsecured creditors, owed roughly £211,000, are likely to receive little or no payment because the estimated shortfall of about £340,500 leaves insufficient funds after preferential claims are settled.

What lessons can other used‑car dealers learn from this case?

Key lessons include the need to keep tax obligations current, avoid over‑reliance on external financing, and maintain realistic valuations of stock and other assets to ensure enough liquid assets are available to meet creditor demands.