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Lola Cars has announced that it is going into financial administration as it continues to search for possible investors.

The group, which was formed in 1958, said the latest economic downturn has caused a serious cash-flow problem that had forced it into making the decision. It also blamed the move on the HMRC not paying ongoing R&D tax credits.

“It is with enormous regret that a decision has been taken to issue Notices of intention to appoint an Administrator to Lola Cars International Limited and Lola Composites Limited,” said Lola in a statement.

“This step allows the board to continue its discussions with possible investors and prospective purchasers with a view to securing the best outcome for the staff, creditors and customers of both businesses.”

Lola creations have claimed five LMP2 Le Mans 24 Hours titles since 2000. The company has also worked with major manufacturers including Nissan, MG and Honda. Last year it captured the LMP1 and LMP2 constructors’ titles in the ALMS and the manufacturers’ title in LMS.

Lola said the board will not make any further comment until 21st May.The company had already gone into administration in 1997.

This article originally appeared in Autosport.com

The MG Icon has been awarded the ‘Best Concept’ title at the Beijing Motor Show, following its world debut in China. The MG Icon beat the Lamborghini Urus, Mercedes-Benz Concept Style Coupe and Honda Concept C in scooping the award.
The MG Icon is the first SUV concept car from the company and was created by the MG global design team headed by British director Anthony Williams-Kenny. The designers are said by the company to have taken inspiration from some of the brand’s most famous sports cars including the MGA and MGB GT.

Williams-Kenny said: “The MG brand has a unique set of values and heritage and allows us to offer individual design values to our products. The MG Icon represents our vision of a modern MG and we feel that the small SUV canvas demonstrates MG’s capacity for progressive design with respect for its long heritage.”

“We have balanced familiar brand cues, such as the wide and powerful front end graphic interpretation and, as one would expect, with a strong focus on the unique MG octagon.

The MG Icon clearly demonstrates a progressive and soulful British spirit and has a lithe and powerful stance – its proportion harmonised by feature lines interpreted from MG’s iconic greats.”

The MG Icon has a four ‘shell’ seat layout, while the rear seats can fold down completely into the floor, making the compact SUV versatile and functional. No plans have been announced concerning production of the MG Icon.

Castrol has joined the MG KX Momentum Racing team as a partner sponsor as today the car was unveiled for the first time in full race livery.

The announcement was made at a Media Day held at the Silverstone circuit. The news comes just days after MG Motor UK and Castrol established a new partnership.

Castrol’s involvement complements the ‘dream team’ of drivers, constructors and sponsors set to challenge for the 2012 Dunlop MSA BTCC championship.

Two MG6 GT cars will run in the all-new MG KX Momentum Racing team with double BTCC champion Jason Platoand rising star Andy Neate behind the wheels. The first race in the 10 round series is at Brands Hatch on April 1.

The MG6 GT five-door fastback is the first all-new MG in 16 years. It is designed and engineered at MG Motor UK’s plant in Birmingham where final assembly also takes place.

Plato said he was delighted that Castrol, another great name in the automotive world, had joined the team. He said: “I can’t wait for the first race. The car’s looking great and having Castrol on board adds to our credentials as a team that’s got great backing and means to do the business.

“Castrol’s a brand synonymous with high performance and technology within the automotive and motorsport world.”

Jason Plato is the most successful driver in BTCC racing history with 68 career wins. He has more fastest laps, pole and podium positions than any other driver in the history of the series. He is undoubtedly the face of British Touring Cars as well as being a well-known and respected TV presenter and newly appointed Director of the British Racing Drivers Club.

Castrol’s involvement cements an historic link with the MG brand. Sir George Eyston, the famous pre-war driver and director of Castrol sponsored many MG record breaking attempts. He was involved with such celebrated MG experimental cars as EX120, EX127, EX179 and EX181.

Triple Eight Race Engineering, headed by Ian Harrison, has prepared the MG6 GT race cars. The company has more than 100 BTCC race wins to its credit.

Guy Jones, MG Motor’s Sales & Marketing Director, said: “The feedback to MG going racing again has been incredible and there’s a real passion and pride building around the team. It’s going to be a great season.”

The MG6 that will contest the 2012 Dunlop MSA British Touring Car Championship has made its public debut during the annual season launch at Silverstone.

The car, which will be run by Triple Eight under the MG KX Momentum Racing banner, was revealed in the Silverstone pit lane before taking to the track for tracking photos during the morning media launch in the hands of Jason Plato.

With work still to be completed on the car to bring it up to full race specification, the team failed to take part in the afternoon test session, with the MG instead being loaded back into the transporter to allow the team to continue work ahead of the season opener at Brands Hatch at the end of the month.

Double champion Plato will be joined in the two-car team by Andy Neate.

Land Rover enjoyed a massive UK sales surge last month – with more than 3,000 vehicles sold.

The Solihull-based 4×4 manufacturer sold 3,044 vehicles in October compared to 1,864 in October last year, an increase of more than 63 per cent, figures from the Society of Motor Manufacturers and Traders (SMMT) showed.

The sales rise followed a bumper September for Land Rover, with the company selling 6,230 vehicles compared to 5,788 in the corresponding month in 2010. October’s sales jump followed the success of the Range Rover Evoque and a general increase in the purchase of SUVs amid predictions of another harsh winter.

Jaguar saw sales dip slightly last month, with the Big Cat selling 713 cars in October compared to 806 in October last year. SMMT figures also showed that Longbridge-based MG Motor UK sold 15 sports cars last month against 16 in October 2010.

The much talked-about HRDC MGB50 Series got underway at Goodwood on 1 November, with an auspicious reunion between four original works MGB competition cars and some of the luminary figures who were instrumental in the success of these fabulous racers.

Long-term MGB stalwart Barry Sidery-Smith and Julius Thurgood, founder and race director of the HRDC, hosted this special gathering at Goodwood, with the support of long-term HRDC sponsor CCK Historic. Guests included: works driver Alec Poole, BMC Competition Department guru Bill Price, BMC Competition Department Manager Peter Browning, BMC ‘Comps Shop’ Manager Basil Wales, BMC ‘Comps Shop’ mechanics Den Green and Brian Moylan, MG guru Malcolm Beer, veteran MGB racer Paul Campfield and MG historian John Baggott.

The Works MGB cars were not just on static display, but were put through their paces on the Goodwood circuit by Barry Sidery-Smith, Tony Dron and Paul Campfield, to the amazement of the many MG aficionados present, who all agreed that this was probably the first time that the four works cars had ever run together.

WORKS MGB COMPETITION CARS AT GOODWOOD:
  DRX255C – Le Mans car – Owner: Barry Sidery-Smith
  GRX307D – ‘Old Faithful’ Marathon de la Route car – Owner: Malcolm Beer
  BRX854B – Spa-Sophia-Liege rally car – Owner: Paul Campfield
  1964 #47 – Sebring car – Owner: Anthony Binnington

The HRDC MGB50 Series will consist of six rounds, each a 30-minute, single-driver race for pre-’66, FIA-specification MGB race cars, with an invitation class for historically important MGBs which do not comply to FIA Appendix ‘K’.

The first round of the series takes place at Castle Combe on 9 April 2012.

Further details and driver registrations can be obtained from either website:

www.hrdc.eu or www.mgb50.eu

Media & competition enquiries to:

JULIUS THURGOOD direct@juliusthurgood.co.uk