MANOR FOLDS AS BUY­ERS BACK OUT

Bri­tish team ceases trad­ing as no res­cue pack­age is found

Motor Sport News - - Racing News - By Rob Lad­brook Pho­tos: LAT

The Manor Rac­ing For­mula 1 team ceased trad­ing last week af­ter its late bid to find a buyer proved fruit­less.

Manor’s op­er­at­ing com­pany, Just Rac­ing Ser­vices Ltd, was placed into ad­min­is­tra­tion at the start of Jan­uary af­ter ef­forts to find fresh in­vest­ment over the win­ter failed.

Ad­min­is­tra­tor, FRP Ad­vi­sory, had pre­vi­ously stated that, while there was in­ter­est from par­ties to put to­gether a res­cue pack­age for the team, time to do so was run­ning out with test­ing due to be­gin later this month.

Manor had been in talks with an Asian con­sor­tium, but dis­cus­sions never got to a point ad­vanced enough to make the deal a re­al­ity.

A state­ment from FRP Ad­vi­sory said: “Dur­ing re­cent months, the se­nior man­age­ment team have worked tire­lessly to bring new in­vest­ment to the team to se­cure its long-term fu­ture, but re­gret­tably were un­able to do so within the time avail­able and were left with no al­ter­na­tive but to place JRSL into ad­min­is­tra­tion to pro­tect the best in­vest­ments of the un­der­ly­ing busi­nesses and in or­der to con­tinue to search for a buyer.

“Since their ap­point­ment ear­lier this month the joint ad­min­is­tra­tors at FRP Ad­vi­sory have con­tin­ued to work, with the sup­port of se­nior man­age­ment, to try and se­cure new in­vest­ment into the busi­ness re­sult­ing in ne­go­ti­a­tions with a num­ber of par­ties. Dur­ing that pe­riod fund­ing was se­cured to en­sure pay­ment to all staff un­til Jan­uary 31.

“Re­gret­tably since then no in­vest­ment has been se­cured in the lim­ited time avail­able to con­tinue the group in its cur­rent form. With no sus­tain­able op­er­a­tional or fi­nan­cial struc­ture in place to main­tain the group as a go­ing con­cern, the joint ad­min­is­tra­tors have now ceased trad­ing and have sent all staff home.”

Manor’s 212 staff have been paid for Jan­uary, but all ex­cept a hand­ful were ex­pected to be made re­dun­dant as MN closed for press.

Manor’s hold­ing com­pany, Just Rac­ing Ser­vices Ltd, will cease trad­ing, but Manor Grand Prix Rac­ing Ltd, which holds the per­mit to race in F1, is not in ad­min­is­tra­tion, mean­ing the team could still be bought in some form.

Manor’s col­lapse means that none of the three teams that en­tered the sport back in 2010 – Lo­tus Rac­ing [lat­terly Cater­ham], HRT and Manor [lat­terly Vir­gin Rac­ing and Marus­sia] – have sur­vived.

Manor will not race in F1 this year af­ter trou­bles

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