Lola Cars International Ltd and Lola Composites Ltd went into administration earlier this month and are searching for new owners.

The administrators of the two Cambridgeshire, UK, based businesses, Mark Newman and James Snowdon of CCW Recovery Solutions LLP, have announced that 28 of the 65 employees of motorsports business Lola Cars International Ltd have been retained, while 37 have been made redundant with immediate effect.

75 of Lola Composites 111 employees have been retained, and 36 employees have been made redundant. Lola Composites was formed to serve high-tech industries, including defence, aerospace, communications, renewable energy, automotive and motorsports.

The Joint Administrators say they have had "significant interest from potential buyers" and are currently in discussions with prospective new owners.