Lola in receivership

The first sentence is unequivocal: “Lola Cars International Ltd was founded in 1958”. If this sounds like an epitaph, the English manufacturer then explains the reason for a bleak economic situation. “The current economic slowdown and the decision of HM Revenue and Customs (the equivalent of the Public Treasury across the Channel. Editor's note) to no longer provide funds for research and development has caused a serious cash flow problem. It is with enormous regret that the decision was therefore taken to seek legal relief for Lola Cars International and Lola Composites. This step authorizes management to continue its discussions with possible investors capable of securing the activity of employees, creditors and customers.

Lola, who is refraining from any further information until Monday May 21, is a key player in world motorsport. Its bankruptcy would have dramatic consequences at different levels of motorsport, and in particular in Endurance where many teams trust the quality of its products.