More than 100 of the 176 jobs at two Cambridgeshire businesses have been retained while the Joint Administrators continue to trade the businesses while searching for new owners. Mark Newman and James Snowdon of CCW Recovery Solutions LLP, appointed as Joint Administrators yesterday 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 unfortunately being made immediately redundant.

The Joint Administrators have welcomed significant interest from potential buyers and they are currently in discussions with prospective new owners as a result of Lola Cars International's illustrious history in motorsport and excellent facilities at the Huntingdon site, including access to a wind tunnel.

Lola Cars International Ltd, formed in 1958, has recently seen significant investment in technology and the capability in the motorsports business. As a result of Lola Cars International's expertise a separate business, Lola Composites Limited, was formed to serve many high-tech industries, including defence, aerospace, communications, renewable energy, automotive and motorsports.

The ongoing economic challenges had caused serious cashflow problems for the businesses, leading to yesterday's decision to appoint Joint Administrators.

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Mark Newman and James Snowdon were appointed joint administrators on 21 May 2012. The affairs, business and property of the companies are being managed by the joint administrators acting as agents of the company, without personal liability, who are authorised to act as insolvency practitioners in the UK by the Insolvency Practitioners Association.