MANOR FOLDS AS BUYERS BACK OUT
British team ceases trading as no rescue package is found
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