100 Hot Cars

Just Car Blog

Race Car Builder Lola Closes Its Doors 12
Oct
Posted by Kurt Ernst in Automotive, Kurt, Lola Cars, Motorsports, News on 10 12th, 2012

2012 Lola LMP1 – image: Lola Cars

If ever there were a race car constructor that was too big to fail, it was Lola. Throughout its storied history, the brand competed in nearly every form of racing, from Can Am through CART and even Formula One. In later years, it branched out into defense and aerospace manufacturing as well.

When Lola declared bankruptcy last May, a victim of the global economic downturn, no one seemed too concerned. After all, it was Lola that was up for grabs, and surely there would be buyers lined up to take over its operations. As Speed TV (via Autoblog) reports, that sadly wasn’t the case, and Lola has now closed its doors, laying off its remaining workforce.

In the words of the appointed administrators, CCW Recovery Solutions, “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, October 5, which unfortunately led to the redundancy of the remaining staff working in the business.”

All that’s left for Lola Cars International is the sale of its assets. If there’s any good news to be had, its that the Lola name and intellectual property continues to be owned by Lola Group Holdings, and is not considered part of the company’s bankruptcy. The same is true for Lola Composites, which also filed bankruptcy in May but remains for sale.

As Lola supplied cars to the FIA World Endurance Championship, American Le Mans and Euro Le Mans series as recently as this year, it’s unclear where current customers will be able to obtain support or spare parts.







 Category



 Blogroll