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The Huntingdon-based racing car manufacturer Lola went into administration yesterday after announcing its intentions last week.
It's understood that redundancies have been made to the workforce of 172. The administrators are meeting staff today to talk about the future of the company.
They will also be speaking to perspective buyers and say there has been "significant interest" in the company.
Lola Cars International Ltd was formed in 1958. In recent years, significant investment in technology in the motorsports business as well as diversifying and creating Lola Composites Limited, serving the defence, aerospace, communications, renewable energy, automotive and motorsports markets.
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 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.
The racing car engineering company Lola Cars International, based in Huntingdon, has announced that it has brought in administrators.
The company, formed in 1958, says it has cashflow problems and blamed the economic downturn.
Latest ITV News reports
More than 70 people have been made redundant from the Huntingdon-based racing car manufacturer Lola.
The racing car engineering company Lola Cars International, based in Huntingdon, has announced it has brought in the administrators.