Business Irish

Saturday 21 April 2018

Lola leaves €28m in bills

Nick Webb

Nick Webb

Lola Cars International, the motor racing company chaired by Mayo man Martin Birrane, had debts of €28m when it collapsed, according to a report from administrators Crowe Clark Whitehill.

The iconic racing car design company suffered cash flow problems after the British tax authorities decided not to pay research and development tax credits. The administrator is trying to sell the business.

Birrane rescued the company in 1998 after it hit the skids following a foray into Formula One. Birrane, who holds the Irish land-speed record, helped diversify the company into advanced materials -- with its composite division supplying radar towers for the British Navy's "stealth" warships.

Birrane's property firm, Peer group, is thought to be owed €17.1m.

Sunday Indo Business

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