Marussia F1 team ceases trading


Published: Friday 7th November 2014 by The News Editor

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Marussia has officially gone out of business, with the loss of more than 200 jobs.

The Banbury-based marque was placed in administration on October 27 and despite stringent efforts over the last few days to find a buyer and keep the team afloat, they have ultimately come to nothing.

Geoff Rowley, joint administrator at FRP Advisory, said: “It goes without saying that it’s deeply regrettable that a business with such a great following in Britain and worldwide has had to cease trading and close its doors.”

Rowley added: “Whilst the team made significant progress during its relatively short period of operation, operating a F1 team requires significant ongoing investment.

“The group was put into administration last month following a shortfall in on-going funding and the administration process provided a moratorium to allow for attempts to secure a long-term viable solution for the company within a very limited timeframe.

“Sadly no solution could be achieved to allow for the business to continue in its current form.

“We would like to thank all the staff for their support during this difficult process.

“As joint administrators our immediate focus will be to assist staff who have lost their jobs and provide them with the necessary support to submit timely claims to the Redundancy Payments Service.

“The team will not be participating in the two further rounds of the 2014 championship in Sao Paulo and Abu Dhabi.

“The joint administrators will continue with their statutory duties to realise the assets of the business in the best interests of all the creditors.”

Published: Friday 7th November 2014 by The News Editor

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