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Racing car manufacturer Lola, with a pedigree in everything from sports cars to Indy cars to Formula 1, has ceased operations and laid off 41 employees at its Lola Cars International and Lola Composites factories.
The ongoing economic slump was blamed for the action.Lola Cars International, which was established in 1958 by Eric Broadley, slashed its employee roster and sought bankruptcy protection in May, hoping to attract a buyer or investor. Administrators CCW Recovery Solutions announced Tuesday that the effort had failed.
"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," a statement read. "We concluded that a going concern sale of the business was not going to be possible, and the company ceased to trade on 5 October, which unfortunately led to the redundancy of the remaining staff working in the business."
Some of the workers at Lola Composites, which specializes in carbon-fiber production, were rehired in August. A statement from CCW at that time reported "significant interest" had been expressed and it was in discussion with "potential new owners."
On its Web site, Lola bills itself as "the world's leading manufacturer of customer racecars, offering models covering just about the entire sphere of motorsport categories." The brand has a glossy resume, from its origins in sports cars and junior formula open-wheel categories, to its entrance into F1 in 1967 with Honda, to providing cars for the U.S. open-wheel series under administration by USAC in the early 1960s and CART in the 1970s and '80s.
Since May, 55 jobs were lost from Lola Cars and 59 from Lola Composites.The company also offered research services to the military and the aerospace industry.Lola Group includes the remnants of former rowing boat manufacturer Lola Aylings and Lola Composites.
Edmunds says: Lyrics from the Adler-Ross composition "Whatever Lola Wants" from the musical Damn Yankees are sadly ironic in this case. Lola the racing car company could not get what it wanted — a financial savior.
More information: www.lolacars.com