Lola Cars has taken a step toward entering administration by issuing Notices of Intent to appoint a administrator for the Cambridgeshire based company. Decisions with potential investors or purchasers continue.
In a statement the company blamed the economic downturn and the decision of HMRC not to pay congaing R&D tax credits for the tough decision.
While, though Lola Composites, the company makes components for the defence, aerospace, communications, renewable energy markets the company remains perhaps best known for its automotive projects.
Once prolific builders of single-seater cars in recent season the firm has been best represented by their closed coupe and open top sportscars, the latest generation of which debuted with Rebellion Racing at the Six Hours of Spa-Francorchamps this month, where it helped the Swiss team beat their petrol powered competition and score fifth overall.