Racing car engineering firm Lola Cars was founded in 1958 by Eric Broadley on the success of front-engined sports cars like the Mk I, before creating various single-seaters, the iconic T70 and many other notable race cars. Based in Huntingdon, England, the company eventually diversified into one of the oldest and largest manufacturers of racing cars in the world.
Despite this storied history and present-day racing success–five Le Mans class titles since 2000–Lola Cars International Ltd has been put into administration. The company said the financial problems are a result of the most recent economic downturn and the decision of HMRC (Her Majesty’s Revenue and Customs) to not pay ongoing R&D tax credits, which caused a serious cash flow problem for the businesses.
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