Manor Formula 1 team to cease trading
The Manor Formula 1 team is to cease trading after administrators failed to secure fresh funding for the firm, resulting in the loss of around 200 jobs.
The group collapsed into administration earlier this month and administrator FRP Advisory had hoped to attract new investment in a bid to revive the firm.
However, FRP said on Friday that with no new investors forthcoming, it has been left with no alternative but to cease trading at Manor's parent firm Just Racing Services Limited.
All 212 staff were sent home from work on Friday and, while they will be paid for the month, all but a small handful of staff are expected to be made redundant by the end of January.
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 an F1 team to the high standards demanded however requires significant ongoing investment.
"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."
Manor had previously been backed by energy boss Stephen Fitzpatrick, the founder of Ovo.
As it stands, the company will not send a team to participate in the 2017 Formula 1 season, which begins on March 26 in Melbourne, Australia.
Administrators pointed out that Manor Grand Prix Racing Ltd, which has the rights for Manor's participation in F1, is not in administration.