RIP: Lola ?

Steve · Oct 10, 2012

Sad.

Lola Ceases Operations (auto-racing.speedtv.com)

Remaining employees at Huntingdon, England workshop laid off as administrators unable to find buyer for famed constructor...

John Dagys | Posted October 10, 2012 | Gotemba, (JP)

Five months after declaring bankruptcy, Lola Cars International has officially closed its doors following failed attempts to find a new owner.

Administrators CCW Recovery Solutions, which took over the cash-stricken company in May, announced Tuesday that the remaining employees at the Huntingdon, England workshop have been laid off.

"At the end of September, having not received an acceptable offer for the business as a going concern, we considered whether or not we should continue trading," said a statement provided by 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."

With no buyer in sight, the company's remaining assets are now expected to be sold off.

While the news marks the end of an era for the famed British constructor, all may not be lost, as the Lola name and intellectual property is owned separately under Lola Group Holdings and is not affected by this week's latest development.

Lola Composites, which also went into administration in May, meanwhile continues to be in business, although a buyer is also being sought.
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Crashton · Oct 10, 2012

It is a sad day for all racer's & race fan's.

Dave.0 · Oct 10, 2012

Well that just sucks becasue they made great race cars.

CHKMINI · Oct 10, 2012

Watch for either VW or Fiat to appear in this picture to purchase the IP and Brand rights. Both are being very active in this arena.

Nathan · Oct 10, 2012

CHKMINI said: ↑

Watch for either VW or Fiat to appear in this picture to purchase the IP and Brand rights. Both are being very active in this arena.
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I would not be surprised to see EDS or another Euro based Defense Contractor pluck them from the ash heap. Lola did a lot of small projects in the defense industry.

Steve · Oct 11, 2012

Lola Cars : The end. (LeMans.org)

11/10/2012 | 15h22 - Auto News - 24 Heures du Mans 2012

In administration for several months, Lola Cars ceased activity on the 5th of October 2012. The British marque has a long and illustrious motorsport history and particularly at the '24 Heures du Mans'.

With debts to the tune of 20 million pounds, Lola was placed in receivership in May. Since then, the manufacturer has continued activity in anticipation of a potential sale, but unfortunately no buyer has come forward. Lola Composites continues on its business, under financial supervision, the administrator has two seriously interested buyers.

Created in 1958 by Eric Broadley, Lola has been involved in many racing disciplines, including the triple crown of Monaco Grand Prix, the Indianapolis 500 and the 24 Hours of Le Mans. It was endurance racing where the manufacturer had its finest hour, especially the monstrous T70, winning the 24 Hours of Daytona in 1969, and the B12/60, 4th in the 24 Hours of Le Mans. Historians will remember that it is also the workshops in Huntingdon where the first Ford GT40 originated that would be 4 times winner at Le Mans (1966, 1967, 1968, 1969).

This weekend, no less than 5 Lolas will be on track for the seventh round of the FIA World Endurance Championship in Japan.

Julien Hergault

Photo : CIRCUIT DES 24 HEURES (LE MANS, SARTHE), 24 HEURES DU MANS, 16 JUNE 2012. Lola nÂ°12 of Rebellion Racing, 4th in the hands of Nicolas Prost, Neel Jani and Nick Heidfeld.
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Steve · Oct 16, 2012

Lola Set To Continue Under New Ownership (speedtv.com)

Multimatic, Haas Auto believed to have purchased remaining assets, set to form partnership for licensing rights of Lola name...

John Dagys | Posted October 16, 2012 Chicago, IL

While the future of the British constructor appeared to be in jeopardy following last week's news of the bankrupt company ceasing operations, the Lola brand is set to live on under a new set of owners.

SPEED.com has learned that Lola Group Holdings, owner of the Lola brand and intellectual property not affected by the company's fall into administration, is believed to have reached a licensing agreement with Multimatic Engineering and Haas Auto to use the brand's name and intellectual property.

Additionally, it's understood that the existing assets of Lola Cars that were up for sale by the joint administrators, has also been acquired by the two companies, including the current stock and inventory of LMP parts and tooling to continue production.

Lola Group Holdings declined comment on the believed acquisition, but offered the following statement to SPEED.com:

"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 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 license 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 [lease].

"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 center remains fully operational and is undertaking consultancy work and wind tunnel testing for automotive and motorsport customers."

The latest development in the Lola saga comes following the news earlier this month that the remaining employees were laid off at Lola Cars International. Administrators CCW Recovery Solutions put the company's remaining assets up for sale last week.

Toronto-based Multimatic hired a number of ex-Lola employees following the company's fall into administration in May, including chief designer Julien Sole, former managing director Jean Marchioni and head of Lola Cars U.S. manager, Stephen Charsley.

Additional details of the believed arrangement are still unclear at the moment.
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Steve · Dec 17, 2012

Lola staying on the track...for now.

Iconic Lola name to live on (sniffernedia.com)

by Sniffer | Posted on December 17, 2012

Lola Group Holdings Limited today announced the continuation of the Lola name in international motorsports based on an agreement reached on 14 December between Lola Group Holdings, Multimatic Engineering, and Carl A. Haas Automobile Imports, Inc.

A statement released today, stated; â€˜The agreement, spearheaded by Lolaâ€™s chairman and owner of the Lola brand, Martin Birrane, sees the championship winning Lola LMP project continuing with Multimatic providing engineering support and Haas providing spares services and distribution for teams that run Lola race cars.

Lola, Multimatic and Haas have agreed to a licensing arrangement whereby the Lola name intellectual property rights and products will continue to be utilised.

Martin Birrane, who has owned the Lola businesses since 1997 and rebuilt, expanded and supported them through extremely challenging economic times, remains committed to supporting the existing Lola customer base and carrying on the legacy of one of motorsports greatest names. Birrane, who controls Lola, believes that the combination of Lola, Multimatic and Haas provides the best option to achieve these goals.

â€œThe news of this agreement comes at a very pivotal moment in Lolaâ€™s history. The economic downturn, which has caused difficulties for everyone in motorsport, has taken its toll on the Lola businesses. However, the Lola brand continues and this agreement with Multimatic and Haas ensures that the legacy of Lolaâ€™s success on the track will endure.â€

Birrane continued: â€œThe close bond between Lola, Multimatic and Haas should lead to a beneficial result for all Lola teamsâ€. Birrane has had close ties with Carl Haas andLarry Holtof Multimatic for the whole of his 15 years of ownership of Lola. The Lola/Haas connection goes back even further to when Eric Broadley and Carl Haas got together in the 1960s. â€œWhen I acquired Lola in 1997 I re-established the close bond between our companies off the track and also on it with the Newman/Haas Champ Car title success in 2002. Multimatic have also been close allies in many projects and, like Haas, tasted success with a Lola product at Le Mans in 2000 with the first ever LMP 675 class win using the B2K/40 design. Iâ€™m looking forward to these renewed relationships and the benefits it brings to our customers.â€

Haas will lead the commercial interaction with customers, having fifty years of extensive experience in servicing the global motorsports industry. Multimatic will assume responsibility for all engineering and manufacturing as well as technical support to race teams. The engineering aspects will be undertaken by some of the original Lola technical personnel who have been retained by Multimatic.

Lola maintains the role of constructor in this association with Multimatic and Haas.
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