So basically you got a wheel and Hub !!
Proceed with your paypal claim, Panda is a limited company so your chances of getting anything from a County Court Claim are zero, and you will get into expense and protracted litigation, take the cost of the return on the chin its your best way out.
Although Ebay have ceased their listings they continue to take money from their website, I think you need to report them to 'Action Fraud' as clearly they dont have the goods they purport to have in stock, each day that passes more innocent customers are being put into a negative situation, their payment gateways need to be aware of this as they will be the ones who have to compensate.