After a tough few weeks for the Manor Formula 1 team, after going into administration, it has now ceased trading after a buyer wasn’t found.
It’s been a difficult start to 2017 for Manor. Well, actually, it’s been a tough few years for the team, having gone through name and ownership changes, fallen into administration and then made a return to F1.
After such a positive 2016, where Manor really latched onto the midfield pack and scored a point at the Austrian Grand Prix, the team went into administration again in January 2017.
The hunt was on for a new buyer, but sadly, no investor was found and on Friday it was announced the operating company Just Racing Services Limited has ceased trading.
There were a few potential buyers but talks never got far enough for administrators FRP Advisory to save the team.
With no much-needed investor being found, FRP decided to close the team, with JRSL ceasing trading and staff being told to go home.
The FRP statement read: “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 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.”
It’s a huge shame for the team, after making such good progress through 2016. But, even Manor itself admitted losing 10th in the constructors’ standings to Sauber was a huge blow.
Worth noting, however, is the fact that Manor Grand Prix Racing Ltd (whose parent company is JSLR) is not in administration and holds the rights for the team’s participation in F1.