If ever there were a race car constructor that was too big to fail, it was Lola. Throughout its storied history, the brand competed in nearly every form of racing, from Can Am through CART and even Formula One. In later years, it branched out into defense and aerospace manufacturing as well.
When Lola declared bankruptcy last May, a victim of the global economic downturn, no one seemed too concerned. After all, it was Lola that was up for grabs, and surely there would be buyers lined up to take over its operations. As Speed TV (via Autoblog) reports, that sadly wasn’t the case, and Lola has now closed its doors, laying off its remaining workforce.
In the words of the appointed administrators, CCW Recovery Solutions, “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, October 5, which unfortunately led to the redundancy of the remaining staff working in the business.”
All that’s left for Lola Cars International is the sale of its assets. If there’s any good news to be had, its that the Lola name and intellectual property continues to be owned by Lola Group Holdings, and is not considered part of the company’s bankruptcy. The same is true for Lola Composites, which also filed bankruptcy in May but remains for sale.
As Lola supplied cars to the FIA World Endurance Championship, American Le Mans and Euro Le Mans series as recently as this year, it’s unclear where current customers will be able to obtain support or spare parts.
Kurt Ernst has been passionate about automobiles and driving nearly his entire life. His early years were shaped working in the family service station, though his real passion was auto racing. After graduating from the University of Colorado, Kurt spent a year club racing with the Sports Car Club of America, before focusing on a business career in marketing and project management. Later, his passion for writing and the automotive hobby found him freelancing for a variety of automotive news sites, including Automotive Addicts and Motor Authority, where his work was syndicated and appeared in several national publications. Recognized as an expert in the automotive field, Kurt joined Hemmings Motor News as an Associate Editor in 2013, and in the years since has progressed to Editor, Hemmings Daily; Managing Editor for Hemmings Motor News, Hemmings Classic Car, Hemmings Muscle Machines, and the Hemmings Daily; and now, Managing Editor, Hemmings Auctions. Kurt was instrumental in organizing the Hemmings Motor News Concours d’Elegance from 2013-2019, and has served as a judge at this event and The Vintage Racing Stable Concours d’Elegance. A Skip Barber Racing School graduate and prolific writer, Ernst is also skilled in copyediting, project management, brand development, and public relations.
