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

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.

Bentley, now owned by Volkswagen, have recruited Graham Humphrys who designed the BMW V12 LMR at Williams Motorsport which was victorious 13 years ago at Circuit de la Sarthe in France, venue for the world’s greatest endurance race, the Le Mans 24 Hours or the 24 Heures du Mans as it is known in France reports Autoweek.

The new Bentley project team also includes John Wickham who was Bentley’s team director a decade ago.

Brian Gush, who is director for chassis and powertrain development at Bentley, but whose responsibilities also include motorsport, is reported as saying, “Graham is helping us out with the feasibility work; he has a lot of experience in both GT and prototypes.”

Gush was non-committal when it came to a firm decision on a return to Le Mans stressing that Bentley were looking at a number of motorsport options such as GT classes but he had last year expressed a desire to return to the prototype ranks of endurance motorsport. He did, however, have reservations, suggesting that the complexity of the 2014 rule book for Le Mans entries might mitigate against an imminent Bentley return to the Le Mans 24 hour race.

Once again both Silverstone’s National and new International Wing pits and paddock complexes will be maximised to house more than 800 of the world’s finest historic racing cars with a packed schedule of races all staged on the full Grand Prix circuit. Adding to the spectacle more than 7,000 classic cars will be displayed over the weekend on the infield with many hallowed marques celebrating important milestones in their evocative histories.

Other highlights include live rock concerts, a special star-studded celebrity race, air displays, a vintage fun fair, a host of retail opportunities and rally car rides plus the exciting new interactive AA World automotive theme park. With so much to experience at the Silverstone Classic, it’s no surprise that advance ticket sales are 31 per cent up on the same period last year – itself a record.

“The Silverstone Classic just gets bigger and better every year with even more for all ages to see and do,” confirmed Event Director Nick Wigley at today’s (Wednesday 9 May) media preview at Silverstone. “The quality and quantity of our grids and car club displays is second to none while our new partnership with the AA is playing a significant role in extending the event’s massive appeal to an even wider family audience. We thought last year’s blockbuster was going to be hard to match but, with so many unmissable highlights already confirmed, it’s clear that this summer’s festival is going to be the best yet.”

A four-model, five-year plan devised by CEO Dany Bahar has had to be amended because a 60-day financial “freeze,” a routine occurrence when Malaysian firms sell major assets, has interrupted the flow of agreed development funds and introduced considerable production delays.

The resumption means that from beginning of May Lotus should be making Elises, Exiges and Evoras at a combined rate of 44 cars a week, and will be continuing to to spend on the development of the Esprit, especially its own-design V8 engine and novel automated manual transmission.

Other new models proposed beyond Esprit remain in abeyance for the time being, but Lotus expects to launch at least three improved versions of existing models in time for this year’s Goodwood Festival of Speed, late in June, where it is this year’s “chosen” marque. The company celebrates its 60th anniversary this year, as well as the 50th anniversary of the launch of the first Lotus Elan.

“If the product can do what the original E-Type did for Jaguar, it will be a huge boost,” said Peter Schmidt, managing director of Warwick, England-based Automotive Industry Data. “What they’re doing is laudable, it’s good for the brand and it’s good for the image. But nobody should expect miracles.”

The E-Type, introduced at the 1961 Geneva Motor Show, was described by Ferrari founder Enzo Ferrari as “the most beautiful car ever built,” and became synonymous with the London of the “Swinging Sixties.” Yet it has taken the $2.5 billion purchase of Jaguar by India’s Tata Motors Ltd. in 2008 for a pure-bred sports model to return to favor at the British manufacturer.

Tata, which acquired the Jaguar and Land Rover brands from Ford Motor Co. and combined them into a single unit, plans to invest $12 billion over five years to win a bigger slice of an upscale market dominated by German automakers.

Tata Motors fell as much as 2.4 percent to 289.40 rupees and was down 0.7 percent as of 2:58 p.m. in Mumbai trading today. The shares have gained 65 percent this year, exceeding gains of 31 percent for Bayerische Motoren Werke AG, 18 percent at Volkswagen AG and 13 percent at Daimler AG, which owns Mercedes-Benz cars.

Read more at The San Francisco Chronicle.

Motorists looking to change their car for a greener cleaner vehicle can test drive the latest eco cars from Vauxhall, Peugeot, Mia, Honda, Nissan, Citroën and Chevrolet.

The show provides visitors with the opportunity to view the current and future options for more environmentally responsible motoring, gain an understanding of the technology and processes involved in developing low carbon vehicles and an insight into the benefits of owning one. Unique to Ecovelocity is the chance for motorists to actually get behind the wheel.

Giles Brown, organiser of EcoVelocity commented, “Visitors to EcoVelocity this year are able to test drive numerous  low carbon vehicles, including hybrids, electric vehicles and range extenders on the 3.5 mile test route in and around ExCeL.  Test drives when taken in isolation can be time consuming, our unique offering and facility allows visitors to take almost back to back test drives, giving motorists the opportunity to make direct comparisons and work out which vehicle best fits their requirements.”

However Brown did also stipulate the importance of bringing along your license if you want to take part in the test drives. “It’s a legal requirement and we don’t want anyone disappointed that they can’t drive if they forget their licence.”

Key cars at the show include the Nissan Leaf and Vauxhall Ampera.

The corroded 1959 Mini was described by Bonhams as the oldest surviving unrestored car of its type. It beat the 37,950 pounds paid for a dark-blue 1950 Chieftain Silver Streak used by guitarist Richards at a time when the Rolling Stones recorded “Exile on Main Street” at his south of France home in the early 1970s.

Both cars were bought by private U.S. buyers at an auction at the RAF Museum in Hendon, England. Classic cars often get a premium if they have interesting stories attached to them, such as famous owners, years spent in storage before being discovered in original condition.

The Austin Mini Se7en De Luxe Saloon, registration number XLL 27, was the eighth car of its type to come off the production line at Longbridge in May 1959, three months before the official debut of the Mini on Aug. 26 of that year, according to correspondence from the British Motor Industry Heritage Trust. It had a presale estimate of 12,000 pounds to 15,000 pounds.

The collection of 24 Lotuses consigned by Bonhams is owned by the Dutch textile magnate Olav Glasius, who in addition to being a collector is a vintage-racing enthusiast and the chairman of Lotus Club Holland.

The British sports-car marque will be this year’s featured brand at the Festival of Speed, an honor rendered somewhat inelegant by Lotus’s financial troubles. This month, Dany Bahar, chief executive of Lotus Cars, told Evo magazine that development of new models was being held up for three months as the company awaited either an infusion of cash or a sale by its Malaysian parent, Proton.

In a telephone interview, James Knight, the group motoring director of Bonhams, called the Glasius Collection “a tremendous selection of what Lotus is all about, with competition, road and concept cars.”

“There is no duplication in the Glasius Collection,” he added. “Each car is a bit of Lotus history.”

The sale includes cars dated to 1954, two years after Colin Chapman founded Lotus Engineering in North London. Racecars among them include a 1955 Lotus-MG Mk VIII Sports-Racing Two-Seater, one of just nine built, with six surviving, according to Bonhams. The Lotus-MG carries a preauction estimate of £120,000 to £150,000, roughly $191,000 to $238,000. Another two-seater, a 1956 Lotus-Climax 11 entered with Team Lotus and driven by Cliff Allison and Keith Hall at the 24 Hours of Le Mans in 1956, is estimated to sell from £135,000 to £175,000.

Of the 12 racecars offered, however, a 1961 Lotus-Climax Type 18 Formula One car driven by Ian Burgess for Team Camoradi is expected to be the top seller, with an estimate from £175,000 to £225,000.

Three prototype or concept cars are to be offered as well, including a 1982 Lotus Etna V-8 Coupe concept, which is restored to operational order. The Etna appeared in 1984 at the British International Motor Show in Birmingham, England, but was never placed into production. Another fully operational concept owned by Mr. Glasius is a 1991 Lotus M200 Speedster concept, estimated to sell from £80,000 to £120,000.

Road cars make up the balance of the offerings from the collection and many are very low-mileage, left-hand-drive examples. They include a 1986 Lotus Esprit Turbo Coupe and a 1962 Lotus Elite Series II Coupe. Not without its quirky bits, the collection also includes a replica of the Thames Ford van used by Team Lotus in the early ’60s, which carries a preauction estimate of £15,000 to £20,000.

Bonhams expects the collection to bring £1.5 million.