Manor F1 goes into administration
06-Jan-2017Parent company of the F1 team, Just Racing Services Ltd, has called in the administrators after failing to secure new investment.
FRP Advisory was appointed joint administrators to the company and will review all the options for the company, including trying to secure new finance. No redundancies have been made, however the future of the 212 employees at the company will depend on the investment outcome.
Previously known as Marussia F1, the team went into administration in 2014 and then exited into a company voluntary arrangement in February 2015.
Sister company of Just Racing Services, Manor Grand Prix Racing Ltd (which owns the rights for the team to race in the F1), is not in administration. However the outcome of the insolvency procedure on its parent company could affect Manor F1’s presence in the new season – which starts in March in Australia.
Joint administrator, Geoff Rowley, said in a statement:
“The team has made significant progress under its new ownership since the start of 2015, the highlight of which included securing a constructors' championship point in the preceding F1 season, but the position remains that operating a F1 team requires significant ongoing investment.”
“During recent months, the senior management team has worked tirelessly to bring new investment to the team to secure its long term future, but regrettably has been unable to do so within the time available.”
If you are an employee of the business, please listen to the video below as it will tell you your rights as an employee of an insolvent business. There is a link at the end of the video to the Government website which expands further on what you need to know. Questions should be directed to FRP Advisory who are handling the administration.