Skip advert
Advertisement

Lola Cars applies for administration

Lola Cars, famous for its sports car racing success, applies for administration as trade falls

Lola Cars has applied for administration. The race car manufacturer has cited a drop in trade from the economic downturn, and the move affects its fabrication arm, Lola Composites, too. Lola, who employs 172 people in Huntingdon, England, sees it as an important step to seek a new investor or purchaser, one which we hope saves the 54 year old company. Lola Cars International has enjoyed a host of motorsport success, and is best known for sports car racing, not least its Le Mans 24 Hour entries. Lola Composites Limited majors in many fields, including aerospace and defence as well as automotive, aiding Caterham with its recently launched SP/300.R track car. Here’s part of the statement released today by Lola Group Holdings. ‘The latest economic downturn and the decision of HMRC not to pay ongoing R&D tax credits has caused a serious cashflow problem for the businesses.  It is with enormous regret that a decision has been taken to issue Notices of intention to appoint an Administrator to Lola Cars International Limited and Lola Composites Limited.  This step allows the board to continue its discussions with possible investors and prospective purchasers with a view to securing the best outcome for the staff, creditors and customers of both businesses.

Advertisement - Article continues below

‘The Lola board have declined to make further comment until Monday 21st May.’

Skip advert
Advertisement
Skip advert
Advertisement

Most Popular

Hyundai i30 N Fast Fleet test – 8 months with the Korean hot hatch
Hyundai i30 N evo Fast Fleet
Long term tests

Hyundai i30 N Fast Fleet test – 8 months with the Korean hot hatch

The i30 N has been one of our favourite hot hatches ever since we first sampled it. It passed the long-term test with flying colours, too
9 Apr 2024
BMW M3 CS v Alfa Romeo Giulia GTA v Jaguar XE Project 8 – supersaloon specials go head-to-head
BMW M3 CS v Alfa Romeo Giulia GTA v Jaguar XE Project 8
Group tests

BMW M3 CS v Alfa Romeo Giulia GTA v Jaguar XE Project 8 – supersaloon specials go head-to-head

BMW’s M3 CS is so dazzlingly good that a regular head-to-head seemed inadequate. Instead we pit it against two icons, Alfa Romeo’s sublime Giulia GTA …
7 Apr 2024
The new Audi S3 gets more power and RS3 tech
2024 Audi S3
News

The new Audi S3 gets more power and RS3 tech

Audi’s middling S3 hot hatch has been given an update for the 2024 model year, gaining powertrain tweaks, a design update and the RS3’s torque-splitti…
8 Apr 2024