Published: 13 January 2013 in The Sunday Times newspaper
LOTUS CARS plunged deeper into the red last year as sales crashed and the Norfolk-based marque breached loan agreements with its banks.
The latest accounts for the sports car maker reveal that it made a thumping pre-tax loss of £115.2m in the year to March 31, 2012, compared with a loss of £21.4m previously.
Revenues fell 37% to £77m as the company produced 1,043 cars, compared with 1,457 the year before.
The accounts also reveal that Lotus breached banking covenants on a £270m financing facility.
Last January lenders froze funding to the firm.
DRB-Hicom, the Malaysian group that bought Lotus last January, has since agreed to pump in more funds.
The accounts give the clearest glimpse into the chaos behind the scenes at the car maker since Dany Bahar was sacked as chief executive in June.
Bahar was paid £1.2m a year by Lotus.
LOTUS CARS plunged deeper into the red last year as sales crashed and the Norfolk-based marque breached loan agreements with its banks.
The latest accounts for the sports car maker reveal that it made a thumping pre-tax loss of £115.2m in the year to March 31, 2012, compared with a loss of £21.4m previously.
Revenues fell 37% to £77m as the company produced 1,043 cars, compared with 1,457 the year before.
The accounts also reveal that Lotus breached banking covenants on a £270m financing facility.
Last January lenders froze funding to the firm.
DRB-Hicom, the Malaysian group that bought Lotus last January, has since agreed to pump in more funds.
The accounts give the clearest glimpse into the chaos behind the scenes at the car maker since Dany Bahar was sacked as chief executive in June.
Bahar was paid £1.2m a year by Lotus.
