Just Racing Services Limited (JRSL), the operating company of the Manor Racing Formula One team located in Banbury, have been in administration since the beginning of January after Geoff Rowley and Phil Armstrong, partners of FRP Advisory, were brought in by owner Stephen Fitzpatrick.
In the subsequent weeks FRP have confirmed that no investment has been found to save the F1 team 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.
The Chalk Way outfit employ 212 people who will be paid at the end of the month with all but a few expected be made redundant by the end of January.
Manor Grand Prix Racing Ltd, the sister company of JRSL, which has the rights for the team’s participation in F1, is not in administration.
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Geoff Rowley, joint administrator, and partner at FRP Advisory, said: “It is deeply regrettable that the team has had to cease trading and close its doors. 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.”