FRP Advisory agrees Marussia CVA with creditors

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.”

Related reading