Lola is far from being a household name, but it’s one of the biggest companies in motorsports. Specializing in working behind the scenes building chassis for some of the world’s most famous race cars, Lola is officially bankrupt and ceasing operations.
The British race car maker filed for bankruptcy back in May and was hoping to find potential investors or buyers to step in and save the business. Unfortunately that won’t be the case as Lola Cars could not be sold.
Established in 1958, Lola Cars International had over $30 million in debt and was unable to secure a buyer. Lola Cars is most well known for supplying chassis to various racing series, including Dyson Racing in the US, which competes in the American Le Mans Series’ LMP1.
“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,” Lola said in a statement. “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.”