Breaking News: Lola Cars and Lola Composites to appoint an Administrator
We just received news that due to serious cashflow issues, Lola Cars International Limited and Lola Composites Limited are seeking an administrator. We are unsure at this stage if it will impact the Lola Heritage Business.
Below is he official release from Lola
“Statement from Lola Group Holdings Limited
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”
More to follow.