MORE than 70 jobs have been lost at Huntingdon racing car and composites manufacturer Lola this week following the board’s decision to put the two firms into administration.

But more than 100 of the 176 jobs at the two St Peter's Road businesses have been retained while the joint administrators continue to trade the businesses as they search for new owners.

Mark Newman and James Snowdon of CCW Recovery Solutions LLP, appointed as joint administrators yesterday (Monday) by directors, have announced that 28 of the 65 employees of Lola Cars International Limited have been retained, while 37 have been made redundant with immediate effect.

The companies' directors simultaneously appointed CCW Recovery Solutions LLP to place Lola Composites Limited into administration. As a result, the decision has been made to retain 75 of the company's 111 employees, with 36 of the employees being made immediately redundant.

The administrators said today that there was "significant interest from potential buyers" and they were currently in discussions with prospective new owners.