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.

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

Most Popular

BMW X5 M Competition 2021 review – how does the M division’s biggest SUV stack up?
Crop X5 M Competition
BMW X5 M

BMW X5 M Competition 2021 review – how does the M division’s biggest SUV stack up?

In many ways critically flawed, but there is something oddly captivating about its unerring focus
7 May 2021
Mandatory speed limiters to be fitted to all new UK cars after 2022
80mph motorway speed limit
News

Mandatory speed limiters to be fitted to all new UK cars after 2022

The use of mandatory speed limiters and data loggers on all new cars has been approved by the European Parliament, and manufacturers are already makin…
28 Apr 2021
Audi RS6 v Porsche Panamera Sport Turismo v Mercedes-AMG E63 S Estate – super-estates go head-to-head
Audi RS6 v Porsche Panamera v Mercedes-AMG
Features

Audi RS6 v Porsche Panamera Sport Turismo v Mercedes-AMG E63 S Estate – super-estates go head-to-head

Which 600bhp wagon is the current super-estate king? It‘s time to find out as the Audi RS6 Avant takes on Porsche Panamera Turbo S E-Hybrid Sport Turi…
8 May 2021