Lola goes into Administration

[Flibster]

Statement from Lola Group Holdings Ltd

Lola Cars International Ltd was formed in 1958. In recent years, significant investment has been made in technology and capability in the motorsports business as well as diversifying and creating Lola Composites Limited, serving the defence, aerospace, communications, renewable energy, automotive and motorsports markets.

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.

Could make next years Le Mans interesting.

 

[TehBluebear]

 

[LizardKing]

Someone will buy them, i doubt the larger manufacturers would miss an opportunity like this!

 

[Outcast]

Tony shoulda bought Lola instead of Caterham !!

 

[agentjohn88]

Well that sucks. Someone will buy though.

 

[Firestar_3x]

 

[Flibster]

Tony shoulda bought Lola instead of Caterham !!

Given his plans for Caterham, it could be an interesting side purchase and roll it into the Caterham Group.

 

[Alibaba99]

Given his plans for Caterham, it could be an interesting side purchase and roll it into the Caterham Group.

Caterham were involved with Lola on the SP300R project, but I think that now it is nearing completion it is being finished solely by Caterham.

 

[~Mike~]

Given his plans for Caterham, it could be an interesting side purchase and roll it into the Caterham Group.

He just might, it makes sense.

 

[Skeeter]

Being in administration doesn't mean the whole company will be sold as one, if at all.

Theres the chance parts of the company could be sold off separately. I can't imagine Tony hasn't at least *****ed up his ears on hearing this news.

 

[Weebull]

He's done what to his ears?

 

[Skeeter]

Lol filter.

I said p r i c k e d.

Bit of an odd word to filter really?

 

[Jonny69]

It's sad news, this. It makes you wonder how many of the other teams like this are fighting near the edge of bankruptcy really, as none of them actually make loads of money.

 

[el_dazza]

http://www.youtube.com/watch?feature=player_detailpage&v=a4PSKgQLu4U#t=56s

- this is all we ever saw of them in 1997!

 

[Indy500]

http://www.youtube.com/watch?feature=player_detailpage&v=a4PSKgQLu4U#t=56s

- this is all we ever saw of them in 1997!

The 1997 F1 entry was a rushed project (the original schedule was for 1998, Mastercard pressured them to enter earlier), although their previous attempts weren't that great either.