Manor fails to find buyer, ceases trading
27 January 2017 – Just Racing Services Limited, the operating company of the Manor Formula 1 team, has ceased trading, with staff, who will be paid to the end of the month, sent home, administrators have announced.
Manor, following failed investment talks, fell into administration earlier this month, with owner Stephen Fitzpatrick admitting that losing 10th in the 2016 standings was a major blow to the outfit's future.
FRP Advisory and Manor senior management continued to work toward a rescue deal, which resulted in talks with "a number of interested parties", and secured staff funding through January.
However, sufficient investment for the upcoming Formula 1 season could not be sourced, and JRSL has now ceased trading, with staff sent home from the team's Banbury factory on Friday.
All but a small handful of 212 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 initiate a formal redundancy process for all staff on Tuesday, once they 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."
Manor Grand Prix Racing Ltd, the sister company of JRSL, which holds the rights for the team's participation in Formula 1, is not in administration.
Formula 1's grid will thus feature only 20 cars in 2017.