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Lola Cars goes Belly Up UPDATE British racing car brand, Lola, "is set to live under a new set of operators," according to SPEED. Lola Group Holdings, owner of the Lola brand and intellectual property, is "not affected by the company's fall into administration." LGH "is believed to have reached a licensing agreement with Multimatic Engineering and Haas Auto to use the brand's name and intellectual property." In addition, it is understood that the existing assets of Lola Cars that were up for sale by the joint administrators have "also been acquired by two companies, including the current stock and inventory of Le Mans Prototype parts and tooling to continue production and customer support." LGH declined comment on the believed acquisition. SPEED

10/11/12 Famous race-car constructor Lola Cars International, based in the U.K., is effectively bankrupt after administrators were unable to find a buyer for the financially strapped company—which faces more than $30 million in debt. Lola Cars International went into administration in May 2012.  

“At the end of September, having not received an acceptable offer for the business as a going concern, we considered whether or not we should continue trading,” the company said Oct. 9 in a statement. “During the first week of October, we concluded that a going concern sale of the business was not going to be possible, and the company ceased to trade on Friday, Oct. 5, which unfortunately led to the redundancy of the remaining staff working in the business.”

Lola Composites is also in administration, but still operating as administrators continue to seek a buyer.

Lola Cars supplies chassis to various racing series, notably in the U.S. to Dyson Racing which competes in the American Le Mans Series' LMP1 division.

The trademarks to the Lola name and the intellectual property rights to its designs are owned by Lola Group Holdings, which is still trading.

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