The Lola Cars company went into administration with debts of around £3 million shortly before we closed for press, dragged down by the collapse of its ill-starred attempt to re-enter Formula One racing.
Lola Formula One went into liquidation in April, owing more than £6m, but Huntingdon-based parent Lola Cars, one of the world’s most successful and longest-established manufacturers of production racing chassis, continues to trade pending a solution to the problems. Administration gives Lola court protection from any actions instigated by its creditors effectively preventing it from being forced into liquidation until such time as the situation is resolved. Administrator Latham, Crossley & Davis is confident that the much-loved marque name will be saved.
Series-produced Lolas have excelled in a spectrum of sportscar and single-seater categories from the small Climax-engined sports racers which spawned its growth to CanAm, and Formula Ford to lndycars but success in F1 has eluded it since it produced Honda’s Grand Prix winner almost 30 years ago.