Matthew Loder Jailed For 14 Years
Huntingdon: Lola To Enter Administration
A Huntingdon engineering company, which makes racing cars, is going to enter administration.
Lola, which employs 172 people on two sites in Huntingdon, has filed a notice that it intends to enter administration due to a 'serious cash-flow problem'.
The company was founded in 1958, and has designed cars that have taken part in famous races including the Le Mans 24 hours and Formula 1.
A spokesperson from the company said: "In recent years, significant investment has been made in technology and capability 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 issue Notices of intention 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.:
Board members say they will not make any further comment until Monday 21st May.
Above picture (c) Jakob Ebrey Photography
Funding For New Cambridge, Bedford, MK, and Oxford East-West Rail And Expressway Road
County Authority Formally Votes To Back Regional Devolution Deal
20 Year Jail Terms For Double Murderers Referred To Attorney General
Recently Played Tracks
On Radio: James Merritt
1am - 6am
Text 'HEART' to 82122
Deposit £10 to get a £40 Welcome Bonus - That's £50 to play bingo, slots and more!*
Over 50 tracks to make you feel-good. New album out now...
Find your local four day weather report here.
What's happening on the roads where you are?
Make Heart the soundtrack to your day and you could be a winner with great prizes up for grabs throughout the day.
Find out more about some of the companies advertising on Heart.
Get some great ideas on how to advertise your business on radio, online and on mobile.