PARTNERS from FRP Advisory have reached a deal with Marussia creditors that will see the failed Formula One team exit administration.
The specialist restructuring firm secured a company voluntary agreement with creditors last week moving the team, which has reverted to its original name of Manor House Racing, a step closer to returning to F1.
FRP partners Geoff Rowley and Geoff Carton-Kelly were appointed as joint administrators in October last year after the Marussia team collapsed with £30m of debt and made a number of redundancies.
Geoff Rowley, joint administrator, and partner at FRP Advisory, said: “We are pleased that the financial restructuring of the company has been progressed after creditor approval of the CVA.
“With new investment and a continuity of the respected management, the business has the ideal platform from which it can accelerate the operational rebuilding already underway to get a team back racing.”
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children