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INDUSTRY: Lola Ceases Operations
Remaining employees at Huntingdon, England workshop laid off as administrators unable to find buyer for famed constructor...
John Dagys  |  Posted October 10, 2012   Gotemba, (JP)
Following five months of searching for a new owner, Lola Cars International has closed its doors. (Photo: John Dagys)
Five months after declaring bankruptcy, Lola Cars International has officially closed its doors following failed attempts to find a new owner.

Administrators CCW Recovery Solutions, which took over the cash-stricken company in May, announced Tuesday that the remaining employees at the Huntingdon, England workshop have been laid off.

"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," said a statement provided by 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."

With no buyer in sight, the company's remaining assets are now expected to be sold off.

While it marks the end of an era for the famed British constructor, all may not be lost, as the Lola name and intellectual property is owned separately under Lola Group Holdings and is not affected by this week's news.

Lola Composites, which also went into administration in May, meanwhile continues to be in business, although a buyer is also being sought.

It's unclear what affect, if any, this latest development will have on the existing teams campaigning Lola machinery in the FIA World Endurance Championship as well as American and European Le Mans Series.

John Dagys is SPEED.com’s Sportscar Racing Reporter, focusing on all major domestic and international championships. You can follow him on Twitter @johndagys or email him at
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