Lola looking in better shape
The company that owns the Lola car brand and all Lola Intellectual Property, has struck a deal with the joint administrators of two stricken subsidiaries which safeguards future service to owners of the iconic vehicles.
Lola Group Holdings Limited, in a bid “to put the record straight,” said a recent announcement by the administrators of Lola Cars International Limited and Lola Composites Limited – both in administration – related solely to the trading of the two Cambridgeshire UK subsidiaries.
The long-term picture appears much brighter than it first appeared.
Lola Group Holdings reveals that it has reached agreement with the joint administrators, through participation in a sealed bid tender, to purchase the remaining Lola Cars International stock and inventory – which includes current LMP stock and tooling to enable the continued manufacture of parts to service Lola customers.
It is also in advanced negotiations with parties to form a partnership to service Lola customers in the future. Lola Group Holdings is making available a licence for the intellectual property and existing inventory.
The Lola facilities in Huntingdon, which include 65,000 sq ft of offices and factory plus a 15,000 sq ft wind tunnel and technical facility with F1 capability, are owned and controlled by other group companies and are available for sale or letting.
The factory includes a fully equipped composites manufacturing capability with autoclaves, 5 axis machining and all the other equipment necessary to undertake composites manufacture for top level motorsport.
Lola Group Holdings says the technical centre remains fully operational and is undertaking consultancy work and wind tunnel testing for automotive and motorsport customers.