German supercar company fancies Huntingdon-based Lola bid

A GERMAN company has confirmed that it will be bidding to take over Huntingdon-based Lola Cars.

The racing car manufacturer and composites company, in Glebe Road, went into administration four weeks ago, blaming the withdrawal by the Government of research and development tax credits for its demise.

Lola administrators Mark Newman and James Snowdon, of CCW Recovery Solutions LLP, have been searching for a buyer and this week said they had received significant interest in the business.

The Hunts Post has confirmed one company is Germany-based Rotary Supercars.

Darren Wattiez, Rotary CEO, said he was preparing a “substantial bid that was over and above the market value”.

He said the decision to call in the administrators came as a shock: “I had a tour of the site on April 19 as we were looking to secure a contract with Lola, so I was surprised when I heard the news.

“We are a similar company to Lola and we would start to build and design engines in Huntingdon as well – not just the frames for cars.”

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Mr Wattiez said he would look to keep the Lola brand as it was well established in the motor racing industry.

The engine designer said his bid would be for the whole company, but would consider bidding just for the motorsport side of the business.

He said: “There will no more staff losses if our bid is successful – there will not be enough staff so we will be looking at hiring people.”

Rotary hopes to add another similar manufacturing base in Scotland later on.

Lola’s administrators last week announced a further eight job losses. The firm entered administration on May 16 and has lost more than 80 of its 176 jobs at the two sites.