The company was formed as Lotus Engineering Ltd. by engineers Colin Chapman and Colin Dare, both graduates of University College, London, in 1952, but had earlier origins in 1948 when Chapman built his first racing car in a garage. The four letters in the middle of the logo stand for the initials of company founder, Anthony Colin Bruce Chapman. When the logo was created, Colin Chapman's original partners Michael and Nigel Allen were led to believe that the letters stood for Colin Chapman and the Allen Brothers.