Wed, 10 Oct 2012 | ADMINISTRATION
Lola Cars International Ltd has ceased trading and its administrators have informed the last remaining employees that they have been made redundant.
Reports came through last week that a sale of the composites part of the Huntingdon-based company was “imminent”, with the search for a buyer for the cars side of the firm ongoing.
However, the firm has now ceased trading, with administrators from CCW Recovery Solutions LLP issuing the following statement: “At the end of September, having not received an acceptable offer for the business as a going concern, we considered whether or not we should continue trading.
“During the first week of October we concluded that a going concern sale of the business was not going to be possible, and the company ceased to trade on October 5, which unfortunately led to the redundancy of the remaining staff working in the business.”
With trading having ceased, the administrators are now looking for buyers for the assets of Lola Cars. Meanwhile, Lola Composites has two seriously interested parties considering acquiring the business. Both have engaged solicitors but neither has committed to the purchase as yet, leaving some room for negotiations.
Lola Cars was established in 1958 by Eric Broadley MBE and was previously rescued from folding by Martin Birrane. The firm's latest round of problems has been bought on by the economic downturn and HMRC's decision to stop funding research and development tax credits.
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