Racing car firm makes 73 job cuts
NEARLY half of the staff at a struggling racing car firm in Huntingdon have been made redundant.
Administrators yesterday moved into The Lola Group, comprising of Lola Cars and Lola Composites, and announced that 73 jobs would be cut at the firm, which employs 176 people.
In a statement, Mark Newman and James Snowdon from administrators CCW Recovery Solutions LLP said that interest in the company from prospective buyers was “significant” and that more than 100 jobs would be retained.
But 37 of the 65 workers at Lola Cars, known for its Le Mans racing cars, lost their jobs and a further 36 from Lola Composites were also made redundant.
A statement released yesterday said: “The joint administrators have welcomed significant interest from potential buyers and they are currently in discussions with prospective new owners as a result of Lola Cars International’s illustrious history in motorsport and excellent facilities at the Huntingdon site, including access to a wind tunnel.”
Chiefs announced last week they would be calling in administators, blaming in part the Government’s decision not to pay tax credits for research and development.