Kent-based CCW Recovery Solutions has injected new life into a British manufacturing icon after it secured the sale of Lola Composites which went into administration nearly a year ago.
Lola Composites, a composite components manufacturer supplying the aerospace, defence, communications and automotive industries, has been reborn as Forward Composites Limited, following the deal negotiated by administrators Mark Newman and James Snowdon.
During the period of administration, CCW Recovery Solutions, part of national firm Crowe Clark Whitehill and based in Tunbridge Wells, continued to trade the business and successfully completed around £3 million worth of orders, and during the 10 months of administration employed up to 100 people.
Lola Composites was struck by a bad debt from its sister company Lola Cars, which traded for more than 50 years and was at the cutting edge of British motorsports, and which also went into administration.
Mark Newman, Partner at CCW Recovery Solutions, said: “The sale is great news for the new management team, their staff and customers, and is an example of the work we undertake nationally. Once appointed as administrators we quickly developed a plan to salvage the business which saw us consolidate the operations onto one site in Huntingdon in Cambridgeshire.
“Despite having to cut costs, which saw a number of people being made redundant, we have successfully secured a positive future for the business, ensuring the country retains this important manufacturing and technological capability.”
The new company, spearheaded by former Lola Cars commercial director Paul Jackson, as Managing Director, and his former colleague Ed Collings as Technical Director, will trade from the Lola Composites previous Huntingdon premises.
The Crowe Clark Whitehill Recovery Solutions team developed a plan to salvage the business, requiring a consolidation of operations onto one site, allowing it to trade at a reduced cost. Despite staffing losses, the new firm is confident that a significant number of new roles will be created by Forward Composites, which has already secured its first major order.
Mark Newman added: “We are confident that Forward Composites will trade successfully for many years to come and will provide ongoing job opportunities in the Huntingdon area.”
The team at CCW Recovery Solutions was unable to secure a purchaser for Lola Cars, which was once a force behind many Le Mans race winners, and it ceased to trade in Autumn 2012 after a disposal of the remaining stock.