Lola Cars Goes Into Administration

Lola CarsLolaUnited Kingdom, 1958 > 195938 models
113 photos
1 video
and Lola Composites will enter administration according to its parent company Lola Group Holdings.

The cause of the administration is blamed on the European economic downturn and the low of tax credits from the UK Revenue and Customs office. The company will further clarify its future on Monday, May 21. 

Lola Cars was founded in 1958 to build Formula Junior, Formula 2 and Formula 3 cars. In 1965, it developed the T70Lola T70United Kingdom, 1965 > present8 versions
49 photos
, its first prototype sports car, that raced at Le Mans until 1969 and in the CanAm series until 1973. They used a variety of powerplants but were most common with 5.0l Chevrolet and Ford V8s.

Lola is still known for building relatively inexpensive customer sports cars. They were far cheaper than the comparable PorschesPorscheGermany, 1931 > present43 models
4639 photos
29 videos
or FerrarisFerrariItaly, 1947 > present233 models
5131 photos
37 videos
but allowed a team to still be competitive. 

The Lola B11 and B12 still compete in prototype racing today still with a variety of engines. A Lola B11/80 with a Honda turbo V6 is currently in third place in the American Le Mans Series P2 class, and a Lola B12/60 with a MazdaMazdaJapan, 1920 > present80 models
2325 photos
7 videos
turbocharged four-cylinder is in second in the ALMS P1 class. A B12/80 with a Judd-BMW V8 is in third position in its class in the European Le Mans Series.

Lola Composites specializes in carbon fiber production for all sorts of industries including defense. The company developed the body for the Caterham SP/300RCaterham SP/300RUnited Kingdom, 2011 > present4 photos
.

Source: Autocar