Lola Group Holdings clarifes facts while trading continues

Further to the press release issued by the joint administrators of Lola Cars International Limited (in administration) and Lola Composites Limited (in administration) on Tuesday 9th October, which related solely to the trading of the two subsidiaries, Lola Group Holdings wish to put the record straight by making the following statement.

Lola Group Holdings Limited is the owner of the Lola brand and all Lola intellectual property. Lola Group Holdings 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.

Lola facilities
Lola facilities

Photo by: Sniffer Media

Lola Group Holdings is also able to announce that it is 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 includes the 65,000sq ft of offices and factory plus the 15,000sq ft wind tunnel and technical facility with F1 capability, is 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. The technical centre remains fully operational and is undertaking consultancy work and wind tunnel testing for automotive and motorsport customers.

Source: Sniffer Media

#12 Rebellion Racing Lola B12/60 Coupé Toyota: Nicolas Prost, Neel Jani
#12 Rebellion Racing Lola B12/60 Coupé Toyota: Nicolas Prost, Neel Jani

Photo by: James M. Holland discovered additional information

Per a confidentially European source understands that Multimatic LLC is the apparent company that will buy the LMP project.

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About this article
Series WEC
Drivers Neel Jani , Nicolas Prost
Teams Rebellion Racing
Article type Breaking news
Tags alms, business, lemans, lola, wec