Lola cars goes into administration

http://www.lolacars.com/newsstory.asp?NewsId=425

http://www.dailysportscar.com/viewArticle.cfm?articleUID=54DCFCF5-1143-FDC9-35E818C44E3BFFD2

This just issued - Reaction later

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.

said state of affairs really UK Government are a bunch of [Censored] wits sometimes, ground braking technology and they dont help

Really hope some 1 sticks it to oz and cam soon

Shocking, hopefully one of their many engine and car manufacturer friends will help them out seeing as they have made so many chassis to give those brands victory.

yep defo agree it just really says a lot about what state we are in when greener tech do sent get the help, look at new markets -

South America
Asia

Why are they booming tax breaks because they know the will make tax revenue back when these companies hire staff who pump money in to economy but know this government seems to have taken is economics policy from a baker in Uganda

Oh no.

Holy buggar.
What a sad day for motorsport. Indeed, for the British industry. But, I don't really think our current government gives a toss really. More businesses have gone bust under the Conservatives. I hope the same doesn't apply to Lola and hope their issues are resolved soon.

Yea, Graham Goodwin has tweeted that it must be made clear Lola haven't gone "bust", they simply are looking at ways of if they can make their business more profitable, and though those results they will make important decisions.

At this time, its business as usual

A real shame, one fo the few truly great independant manufacturers left.

Simon see my postss on facebook in midweek radio lemans section