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

Car pictures of the week
Maserati MC20
Maserati MC20 coupe

Car pictures of the week

In this week’s car pictures from issue 294, we look at the highlights from Jethro Bovingdon’s drive in the highly anticipated Maserati MC20
21 Jan 2022
Porsche 911 GT3 Touring 2022 review – pairing the magnificent 992 GT3 experience to a more subtle audience
Porsche 911 GT3 Touring eCoty – front tracking
Porsche 911 GT3

Porsche 911 GT3 Touring 2022 review – pairing the magnificent 992 GT3 experience to a more subtle audience

There are few, if any, more rewarding, engaging or intense experiences for those in pursuit of the thrill of driving
7 Jan 2022
Peugeot 9X8 Le Mans Hypercar shown in new images
Peugeot 9X8 Le Mans Hypercar
Peugeot

Peugeot 9X8 Le Mans Hypercar shown in new images

Peugeot Sport’s new wingless Le Mans racer gears up for its competition debut later this year
18 Jan 2022