Lola Cars celebrated its 50th anniversary in 2008. It all started with the Mk1, the first Lola sports car built.
Lola Cars celebrated its 50th anniversary in 2008. It all started with the Mk1, the first Lola sports car built.

The statement notes that "the latest economic downturn and the decision of HMRC (HM Revenue & Customs) not to pay ongoing R&D tax credits has caused a serious cashflow problem for the businesses."

The statement goes on to say that going into administration will allow the board to continue discussions with possible investors and prospective purchasers.

Lola Cars International Ltd was formed in 1958. In recent years, significant investment has been made in technology and capability in the motorsports business, as well as diversifying and creating Lola Composites Ltd, which serves the defence, aerospace, communications, renewable energy, automotive and motorsports markets. The businesses are based in Huntingdon, Cambridgeshire, UK.

The Lola board have declined to make further comment until 21 May 2012.