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British race car manufacturer Lola Cars International has ceased trading after the administrators concluded that it could not be sold as a going concern.
The company, created in 1958 by Eric Broadley went into administration in May with debts totaling more than $30 millions.
Lola Cars International continued to trade through the summer while joint administrators Mark Newman and James Snowdon of CCW Recovery Solutions LLP looked a buyer.
"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," a press release indicated.
"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."
The administrators declared they expected to conclude a sale of the assets of the British company in the near future.
The company, created in 1958 by Eric Broadley went into administration in May with debts totaling more than $30 millions.
Lola Cars International continued to trade through the summer while joint administrators Mark Newman and James Snowdon of CCW Recovery Solutions LLP looked a buyer.
"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," a press release indicated.
"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."
The administrators declared they expected to conclude a sale of the assets of the British company in the near future.