De-registering from Ofsted

[clareec]

Hi, at the minute I work in a local playgroup which at the moment is Ofsted registered. I am the manager and have a level 3, the other supervisor also had a level 3 but last Friday handed her notice in and gave us this half term week to find a new member of staff. After speaking to Ofsted they said we cannot open the doors on Monday without a level 2 or above person, as the manager doesn't count towards the 50% qualified staff ratio. We cannot find anyone and our PSLA development worker has given us 3 options
1) to shut down completely, all assetts to go to PSLA
2) open as mums and tots for 4 days a week, or
3) de-register from Ofsted and go under 2 hours.
After an emergency meeting with committee and parents this morning it was agreed that we'd de-register as no one wanted to bring the child to mums and tots every day or for playgroup to shut. Has anyone done this and carried on successfully, what are the differences in being registered and de-registered, insurance etc
Hope someone can help help us we are running out of time and funds and any advice would be much appreciated.