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With Sid Taylor and Julian Randles he established Theodore Racing Ltd. and recruited designer Tony Southgate and team manager Jo Ramírez. The new car was dubbed the TY01 and was driven by Tambay at the start of 1981. In the mid-season Tambay was lured away by Ligier and Yip gave the drive to Marc Surer. The same car was developed in 1982 and it became obvious that small teams could not easily survive in the turbo era. Yip merged Theodore with Ensign and used the Nigel Bennett-designed Ensign N183 design as a Theodore. The team hired drivers Johnny Cecotto and Roberto Guerrero but at the end of that season the team shut down and Mo Nunn moved to America, where he enjoyed great success as a race engineer through the 1980s and into the 1990s and eventually set up a successful team of his own in Champ Car.