The company behind the Manor F1 team has ceased trading after administrators failed to find any new investment.
It would appear that any chance of the team being revived and making the 2017 season has now gone, although administrators say they are still seeking a buyer.
Just Racing Services Ltd, which employs 212 people, is the racing team side of the business. However, sister company Manor Racing Services, which owns the team’s actual entry, is not in administration.
A statement said that the staff will be paid until Jan. 31, and will be let go at that point.
Administrators 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 been 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 and 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 Jan. 31, 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, Jan. 27. While all 212 staff have been paid up to Tuesday, Jan. 31, all but a small handful of staff are expected be made redundant by the end of January.”
“It is deeply regrettable that the team has had to cease trading and close its doors,” said joint administrator Geoff Rowley. “Manor is a great name in British motorsport and the team has achieved a great deal over the past two years, invigorated under new ownership.
“Operating and running a F1 team to the high standards demanded however requires significant ongoing investment. Just Racing Services Limited was put into administration at the start of January shortly after attempts to sell the business fell through at the last hurdle.
“The administration process provided a moratorium to allow for attempts to secure a long term viable solution for the team within in a very limited time-frame but sadly no solution could be achieved to allow for the business to continue in its current form within what was a very tight time-frame. We would like to thank all the staff for their support and professionalism during this difficult process.
“We shall on Tuesday make staff redundant, all of whom have been paid for the full month of January. As joint administrators our immediate focus will be to assist staff who will have lost their jobs and to provide them with the necessary support to submit timely claims to the Redundancy Payments Service."
