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Manor Formula One team ceases trading

LONDON (Reuters) - The Manor Formula One team has ceased trading and a formal redundancy process for all 212 staff will start next week, administrators FRP Advisory said on Friday.

The British-based team, last in the 2016 championship, was placed in administration earlier in January.

"It is deeply regrettable that the team has had to cease trading and close its doors," said joint administrator Geoff Rowley in a statement.

"We shall initiate a formal redundancy process for all staff on Tuesday, once they have been paid for the full month of January."

(Reporting by Alan Baldwin, editing by Ossian Shine)

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