Martin Birrane purchased the company in 1997, Birrane’s enthusiasm for the marque dates back to him being an owner and entrant of the T292 in which Chris Craft won the 1973 European 2-litre sportscar series, as well as his own driving of various Lola models, including racing at the Le Mans 24 Hours. Birrane is the proud owner of a classic Lola collection that he presently competes in Historic race series.

The details of this history show that Lola's race-winning reputation is second to none. For over 50 years Lola has manufactured competitive, innovative cars that have been driven by the finest talents in motorsport. Their efforts and the design, engineering and manufacturing skills of Lola’s workforce which now exceeds 220 people, have assisted the company in achieving its success and have gained international recognition as the global market leader. Such is Lola's reputation that the company was chosen to provide the chassis for the new A1GP series that proved such a success.

In 2006 the Lola B06/30 totally dominated the German Recaro Formula 3 Cup winning no less than 15 of the 20 races that comprised the Championship whilst Lola drivers took first and second in the final standings.

In 2010 Lola continue with their love of sports car racing, their LMP1 and LMP2 designs taking class and outright victories in the both the Le Mans and American Le Mans series.

Sadly, in 2012 Lola Cars and Lola Composites ceased trading after a period in Administration but Martin Birrane remained confident that the Lola name would return to the world of motorsport. In 2022 it was announced that businessman and racer, Till Bechtolsheimer, acquired the marque with the goal of returning Lola to the forefront of modern motorsport.