More than 70 people have been made redundant from the Huntingdon-based racing car manufacturer Lola.
Mark Newman and James Snowdon of CCW Recovery Solutions LLP were appointed as Joint Administrators for the company yesterday.
At Lola Cars International Ltd, 37 employees have been made redundant with immediate effect, while 28 have been retained.
At Lola Composites Ltd, 36 of the employees have been made immediately redundant, and 75 of the company’s 111 employees have been retained.
The administrators have had interest from potential buyers and they are currently in discussions with prospective new owners. Lola Cars has an illustrious history in motorsport and excellent facilities at the Huntingdon site, including access to a wind tunnel.
Lola Cars International, formed in 1958, and has recently seen significant investment in technology and the capability in the motorsports business.
Lola Composites was formed to serve many high-tech industries, including defence, aerospace, communications, renewable energy,automotive and motorsports.
The ongoing economic challenges had caused serious cashflow problems for the businesses, leading to yesterday’s decision to appoint joint administrators.