Former Lola employees back at work after new orders
FORMER employees of Lola have found themselves back at work after the Huntingdon-based company secured new orders.
The company, which made some staff redundant in May, announced last week that it had new orders in its composites side of the firm and had to recruit former employees to fulfil them.
Mark Newman, of CCW Recovery Solutions, joint administrators for Lola Cars International Limited and Lola Composites Limited, said: “We have recruited some staff that had been made redundant, owing to continued trading, and new orders being received.”
A spokesman for the administrators said the number of people back at work was unknown.
Lola, which was formed in 1958, made more than 80 employees redundant after owner Martin Birrane called in the administrators on May 16.
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He blamed the decision on the latest economic downturn and HMRC’s announcement to stop funding ongoing research and development tax credits.
Since then Lola was said to have attracted “significant interest from potential buyers” including German-based Rotary Supercars who announced its interest in June.
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The spokesman added that negotiations were still ongoing as they were still looking to get the right buyer, and it is likely to take some time for a deal to be finalised.