Rac­ing car firm makes 73 job cuts

The Peterborough Evening Telegraph - - Uk&world Update -

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.


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