Sunday 16 November 2014

Caterham F1 Team makes all 230 employees redundant

Caterham's Formula 1 team has made 230 staff redundant, despite announcing that it will be racing at the Abu Dhabi Grand Prix.



Caterham entered administration at the end of October and missed both United States and Brazilian Grand Prixs', but will travel to the Yas Marina Circuit to compete in the last round of the year.

Administrators acting on behalf of the team said that the majority of the workforce, who have not been paid since the end of September, asked to be made redundant in order to start a formal claims process.

"We are going to Abu Dhabi, racing and talking to potential buyers with meetings already arranged out there," Finbarr O'Connell of Smith & Williamson told Reuters.

"The second track is that at the same time the claims forms will be up and running. A best outcome could be for staff to get redundancy, arrears of pay and then if someone comes along [and buys the team] they would get paid again.

"They [Caterham's employees] were very supportive [during talks] but asked would I agree, if the team was not sold by Friday November 14, to organise them to be made redundant."

O'Connell added that around 40 people would travel to Abu Dhabi with Caterham.

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