Thu, 17 May 2012 | ADMINISTRATION
Lola Cars is set to enter administration after announcing its intention to appoint administrators, due to the economic downturn.
Lola Cars was struck by cashflow difficulties due to the continued downturn in trading and the HMRC’s move to stop paying tax credits for research and development.
The administrators are to be appointed 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,” a statement read.
Established in 1958, the Cambridgeshire-based firm supplies advanced composites to the aerospace, defence, communications, automotive and marine industries. It also has a significant presence in the world of motorsports, and is at the forefront of the prototype design for Le Mans cars.
The business had injected “significant investment” in technology in the motorsports operations in the past few years. It has achieved five LMP2 wins in the 24-hour race since 2000.
It also bagged the LMP1 and LMP2 constructors’ titles in the US Le Mans Series with Dyson Racing, and collaborated with Rebellion Racing to win the Le Mans Series manufactures’ crown.
Lola Cars has also worked with several car manufacturers including Nissan, GM, MG and Honda in the sportscar industry.
Read our related story on A1 Grand Prix assets placed on the market.
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