Lola, a United Kingdom-based automaker, has announced that its car-building unit is ceasing operations after spending several months in dire financial difficulties.
The automaker’s car-building unit and its composite-building unit went into financial administration last May after they were unable to pay their debts.
The administrators responsible for selling the company explained that they have not found a suitable buyer, which has left them with no choice but to close the company down and liquidate its assets. The automaker’s employees have been laid off.
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