Why Lola Cars Filing for Bankruptcy Protection?

Lola Cars Global Ltd was produced in 1958 in fact it is now bankruptcy options protection. Lola Cars started because they build small front-engined sports activities cars, and also branched out into Formula Senior cars before diversifying into one of several oldest and largest suppliers of racing cars on earth.

Lola was obtained by Martin Birrane inside 1998 following your unsuccessful Lola MasterCard attempt at F1. Lola Cars is a brand of the Lola Class, which combines past rowing boat maker Lola Aylings and Lola Composites, who specialize in carbon fiber manufacturing.

The official press release states:

    The latest economic downturn and the decision of HMRC not to pay ongoing R&D tax credits has caused a serious cashflow problem for the businesses. 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. 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.

The Lola board have declined to make further comment until Monday 21st May.