Manor Racing MRT will cease trading as of today, having been unsuccessful in their attempts to find a buyer, after parent company Just Racing Services Ltd plunged into administration earlier this month.
It had been hoped a deal could be agreed by the end of January, in a bid to get the team racing in 2017, and an offer was rumoured to have been put on the table by a potential investor, which administrators FRP advisory LLP were mulling over whilst continuing their search for other solutions.
The deal in question was under the proviso that the third-party could purchase all three companies that fall under the Manor umbrella, but that arrangement appears to have hit a stalemate, and Manor have found themselves out of time.
Everything was ready for the 2017 machines to go into production, but with no rescue package forthcoming the decision was made to close the companies’ doors for good.
Staff have been sent home from the Banbury Headquarters today, and will be made redundant by close of business on Tuesday next week, following the payment of January salaries.
Administrators FRP advisory LLP released a statement regarding the decision.
“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 interests of the underlying businesses, and in order to continue a 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 to secure new investment into the business resulting in negotiations with a number of interested parties. During that period funding was secured to ensure payment of all staff salaries until 31 January 2017.
“Regrettably since the appointment of administrators no investment has been secured in the limited time available to continue the Group in its present 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 JRSL and unfortunately have had to send all staff home from work today Friday 27 January.
“While all 212 staff will be paid on Tuesday 31 January, all but a small handful of staff are expected be made redundant by the end of January.”
On a side note, Manor Grand Prix Racing Ltd, the company that holds the right to race in F1, is not included in the administration process and so there is still the possibility of some sort of revival.
