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Lola Cars enter financial administration (merged)


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#1 Giraffe

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Posted 16 May 2012 - 19:20

Bad news....

http://www.autosport...rt.php/id/99638

....for the second time. :well:

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#2 h4887

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Posted 16 May 2012 - 19:22

I've just heard on the radio that Lola have gone into administration.

#3 Bloggsworth

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Posted 16 May 2012 - 20:06

Hasn't Lola been there before?

#4 macoran

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Posted 16 May 2012 - 20:32

YES !!!!!!!! If you had bothered reading here !
http://forums.autosp...howtopic=167712

#5 MCH

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Posted 16 May 2012 - 20:52

Aren't you jumping the gun a wee with this thread title?

(Edit: this was for the title of the thread before merging)

Edited by MCH, 17 May 2012 - 18:21.


#6 Ray Bell

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Posted 16 May 2012 - 21:57

Originally posted by macoran
YES !!!!!!!! If you had bothered reading
[url="http://"http://forums.autosport.com/index.php?showtopic=167712"]here![/url]

Not to mention that Giraffe started a thread about a minute before this one, which means it was probably not showing when this one was being typed out...

Not everyone goes to Racing Comments either.

As for Lola, one hopes they recover. They've certainly contributed a lot to the racing scene in the way of variety and innovation over the years... our book's full of them!

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Edited by Ray Bell, 16 May 2012 - 22:00.


#7 Doug Nye

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Posted 16 May 2012 - 22:50

Let's not be premature... There's more to Lola than a mere racing car market - but they do need support right now, not least from the UK tax authority.

DCN

#8 Twin Window

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Posted 17 May 2012 - 00:05

Let's not be premature...

Hear hear...

#9 RonPohl

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Posted 17 May 2012 - 00:10

Perhaps they will reorganize as a company serving the vintage market. There must be a few thousand Lolas out here needing parts. I have a sneaking suspicion that there may be more profit in the vintage market ( think Merlyn, Crossle, Clive Chapman) than is to be made selling modern race cars. My best wishes to the folks at Lola.

#10 Ray Bell

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Posted 17 May 2012 - 05:08

Indeed there must be...

There would have to be thirty Lola F5000s in Australia and New Zealand alone.

#11 Bjorn Kjer

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Posted 17 May 2012 - 05:10

Sad to hear , lets hope they continue .

#12 E1pix

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Posted 17 May 2012 - 05:29

Perhaps they will reorganize as a company serving the vintage market. There must be a few thousand Lolas out here needing parts. I have a sneaking suspicion that there may be more profit in the vintage market ( think Merlyn, Crossle, Clive Chapman) than is to be made selling modern race cars. My best wishes to the folks at Lola.

:up: That would seem a wise move, sans re-tooling, etc., at least in the interim.

Perhaps, as I've suggested during prior dream states, it's time to build T332s again... :rolleyes: Nothing better's come out since so what the heck, "Forward into the Past."

#13 Rob

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Posted 17 May 2012 - 10:17

It's administration, not liquidation.

#14 Giraffe

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Posted 17 May 2012 - 10:28

It's administration, not liquidation.


Er, I was in first with that....


http://forums.autosp...w...t&p=5723827

I expect to see some of the parties involved tomorrow, and will try to find out more on the issue.

Edited by Giraffe, 17 May 2012 - 10:30.


#15 arttidesco

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Posted 17 May 2012 - 10:34

:up: That would seem a wise move, sans re-tooling, etc., at least in the interim.

Perhaps, as I've suggested during prior dream states, it's time to build T332s again... :rolleyes: Nothing better's come out since so what the heck, "Forward into the Past."


I have always thought the Nissan RC90CK branded Lola 90/10 was a bit of a humdinger especially in the hands of Mark Blundell at Le Mans :love:

Hope something sensible can be saved Lola's current uncertainty.

#16 Bjorn Kjer

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Posted 17 May 2012 - 10:55

Never mind rules or common sense , R.I.P. is more sensation !

#17 RTH

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Posted 17 May 2012 - 10:59

There are 172 jobs at Lola at risk here. One would imagine that even if the worst happens , the various divisions split up would be of interest to trade buyers as going concerns at knock down prices.
As in all these situations sympathy should go to the creditors and sub-contractors who might have 3 months of production un-paid, which will be lost to them for ever, which is often enough to tip dozens of smaller companies and individuals in to bankruptcy as direct result.Something that will get no publicity at all.

Edited by RTH, 17 May 2012 - 11:01.


#18 Peter Morley

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Posted 17 May 2012 - 11:13

Let's see how long it takes for them to put Caterham signs up on the factory...

#19 RTH

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Posted 17 May 2012 - 11:21

Well indeed he does appear to have limitless funds.

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#20 Doug Nye

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Posted 17 May 2012 - 19:37

I just hate to see this. I have vivid memories of going to see Eric Broadley and his old partner Rob Rushbrooke in their Lola works at Slough to do a 'Motor Racing' magazine feature at the end of 1966. That year had seen them win at Indianapolis, and with John Surtees in the CanAm Championship, etc. Eric always struck me as being a Colin Chapman, gone straight (in the old colloquial sense of the term...i.e. fundamentally an honest man). Colin certainly regarded him as a serious rival, and Eric's Lola Mark 1 and Mark 5 GT certainly triggered the reactions which produced two of Colin's worst mistakes - the Lotus 17 and 30... I was aghast when Eric's self-immolation with the 1990s Formula 1 project brought down his original company, and still feel instinctive affection for the Lola marque, despite the number of designs they rushed to the startline untested and unready. I'm sure that in this I am not alone. Best wishes now to all their people. Let's hope for another white knight.

DCN

#21 Mistron

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Posted 17 May 2012 - 19:47

Let's see how long it takes for them to put Caterham signs up on the factory...


Or Ginetta, another marque which seemed destined to disappear, but just look at them now!

Lets hope a saviour is found


#22 proviz

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Posted 30 May 2012 - 13:26


"Autosprint" reports some interest from Rob and Chris Dyson in buying into Lola. Paul Drayson is also said to have expressed interest.

#23 mariner

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Posted 30 May 2012 - 17:00

Its a bit of a sad reflection on life but there probably IS more profit in Historic than modern racing.

- the historic technology has been developed and paid for already so that nasty overhead doesn't exist.

- By definition you don't have to worry about a competitor coming along and wiping out your market through better performance as only existing marques can race.

- there is no single make organiser/promoter negotiating a all or nothing 20 car deal based on price, and you won't be wiped out if you lose a one make contract.

- I may be wrong but most of the "private " money now seems to be in Historic. If you are wealthy you can race yourself at a reasonably low risk level and relative lack of talent won't stop your career as you fund it.

So, if you have a good "history name" and credibilty of some of the original staff there is a good living to be made compared to all the risk of modern racecar building.

Given March, Reynard and Lola have gone into administration or bankruptcy at least once it is quite hard to remember a volume racing manufacturer who stayed solvent long term.

Also Lotus and Brabham both voluntarily quit to focus on the works effort only so in a sense they didnt survive either