Sure they may not make Formula Ford cars anymore, but with a big chunk of our regular grid being Lola’s, the following news will be of interest.
Lola Cars has announced that it is going into financial administration as it continues to search for possible investors.
The group, which was formed in 1958, said the latest economic downturn has caused a serious cash-flow problem that had forced it into making the decision.
It also blamed the move on the HMRC not paying ongoing R&D tax credits.
“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,” said Lola in a statement.
“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.”
Full story can be found by clicking here: http://www.autosport.com/news/report.php/id/99638