Lola has announced that it has halted its operations after entering administration and not being able to secure new funding.
Today we bring you some sad news from UK where the iconic racecar constructor and engineering company Lola has halted its operations after entering administration and not being able to secure new funding. Lola Cars was established back in 1958 in Huntingdon, England and it’s now a component of the Lola Group. Two years ago Lola was thinking about entering F1 and IndyCar, but now the company is almost history.
The problems started in May when they went into administration because of cash flow problems, and its administrators (CCW Recovery Solutions) mentioned that they weren’t able to find a buyer so the remaining 19 employees were fired a week ago, bringing the total number off laid off to 55 since the announcement was made in May.
Lola Composites is another component of the aforementioned Lola Group and it’s also having some problems as they had to let go of 23 employees. The administrators are still hoping that pretty soon they’ll be able to find a buyer for the problematic firm.