The company in charge of running Team GBR for the A1GP international motor
racing tournament has gone into administration.
Mercer & Hole insolvency practitioners were appointed as administrators
to A1 GP (UK), which runs Team GBR.
Joint administrator Chris Laughton said the company had ‘cash flow problems’,
and he was in talks with the series organiser to see who would be in charge of
Team GBR’s cars for its next race in Portugal.
Laughton expects that the organisers will run a team in the next race even if
A1 GP (UK) is not in charge of Team GBR.
‘I’m discussing with the series owner whether the company that has been in
charge of Team GBR will continue to do so,’ said Laughton.
He said that A1 GP (UK) had nothing to do with the business running the motor
series. ‘A1 GP (UK) is separate from the series,’ he said.
‘I want to get the best financial outcome for A1 GP (UK) and see what may be
possible for Team GBR,’ Laughton added.
A spokeswoman said A1GP (UK) was an operating arm of Team GBR and voluntarily
put into administration to ensure a ‘secure future’ for the team and added that
the team’s cars would continue racing.
‘This business restructure has enabled every member of staff to retain their
job and the team is now looking forward to improving its championship position
in season four and challenging for the title once again in season five,’ the
spokeswoman said in a statement.
‘The global economic situation has proved a challenge for A1 Team Great
Britain, as it has to countless other companies. After stringent analysis and a
change of shareholders, GBR found its current business and financial structure
was unsustainable and so has undertaken a restructuring process of those
elements to ensure a secure future for the team.’
When asked about more detail of the other operating arms of Team GBR, the
spokeswoman said there were several shareholders involved in the team, but it
was a ‘private matter’.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies