Troubled racing car manufacturer Lola is unlikely to be bought out of administration this summer.
The administrators revealed in mid-July that the composites arm of the company was on the verge of being purchased, but joint administrator Mark Newman of CCW Recovery Solutions described the sale of Lola Cars International as “more complex”.
“There is potential interest in Cars, but it is a slightly different animal to Lola Composites,” he said. “The negotiations also involve Lola Group Holdings [which is not in administration], which owns the trademarks and the IP [intellectual property].”
Newman confirmed that the sale of Lola Composites was imminent. “Composites has a full production schedule,” he explained. “It is trading fully and making a profit.”