Famous racing car maker Lola Cars has shut down for good, with the remaining 18 workers made redundant.
Administrators CCW Recovery Solutions LLP confirmed that the last staff left the company on Friday, October 5, as a buyer for the business could not be found.
The Huntingdon-based company, which formed in 1958 and has made cars for track championships including the Le Mans 24 and Indy Car, blamed its financial troubles on the Government’s decision not to pay ongoing research and development tax credits.
Its sister company Lola Composites, remains in administration as two potential buyers have expressed interest, but its workforce was slashed by 23, with 62 staff remaining to work on orders that run into 2013.
Regarding Lola Cars, Mark Newman and James Snowdon of CCW, said: “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.
“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, which unfortunately led to the redundancy of the remaining staff in the business.
“We expect to conclude a sale of the assets of Lola Cars International in the near future.”
Regarding Lola Composites, the pair said: “There have been two seriously interested parties in acquiring the business, both of whom have engaged solicitors who in turn have been discussing the details of the sale contract with our own solicitors.”
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