Just Racing Services, operating company of the Manor Racing Formula One team has entered administration
JUST RACING Services, operating company of the Manor Racing Formula One team has entered administration.
Partners at FRP Advisory, Geoff Rowley and Phil Armstrong, were appointed as joint administrators on 6 January 2017.
The Manor Racing team builds and operates racing cars that compete in the FIA Formula One World Championship (F1). Just Racing Services is the sister company of Manor Grand Prix Racing, which has the rights for the team F1 participation, and is not itself in administration.
Rowley said: “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 operating a F1 team requires significant ongoing investment.
Recently, the senior management had attempted to bring new investment to the team but have been unable to do so in the time available to secure its long term future. The joint administrators are currently assessing options for the Group.”
The 2017 season begins on 26 March in Melbourne, Australia and the participation of the team depends on the outcome of the administration process.
Just Racing Services and Manor Racing Formula One are together known as “The Group”, located in Banbury, Oxfordshire with 212 staff.
No redundancies have been made yet and all staff have been paid in full to the end of December, but the ongoing positions will depend on the securing of investment in the time available.