Lola Cars goes Belly Up
10/11/12 Famous race-car constructor Lola Cars International, based in the U.K., is effectively bankrupt after administrators were unable to find a buyer for the financially strapped company—which faces more than $30 million in debt. Lola Cars International went into administration in May 2012.
“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," the company said Oct. 9 in a statement. “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 Friday, Oct. 5, which unfortunately led to the redundancy of the remaining staff working in the business."
Lola Composites is also in administration, but still operating as administrators continue to seek a buyer.
Lola Cars supplies chassis to various racing series, notably in the U.S. to Dyson Racing which competes in the American Le Mans Series' LMP1 division.
The trademarks to the Lola name and the intellectual property rights to its designs are owned by Lola Group Holdings, which is still trading.