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London cab maker Manganese Bronze calls for administration

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London cab maker Manganese Bronze calls for administration

Manganese Bronze, the maker of London’s black cabs, has called in administrators PricewaterhouseCoopers after failing to secure new funding.

The appointment follows the suspension of its shares earlier this month, after a fault with the vehicle’s steering box led to over 400 recalls. Coventry-based Manganese Bronze has been making losses for the past four years and had been trying to obtain a loan from Chinese shareholder Geely.

Earlier this month, Manganese Bronze also stopped sales of its new TX4 model. The aforementioned problem affects the vehicles’ power steering and was caused by a new design for the box, sourced from an unnamed new supplier since February. Manganese Bronze said the fault had not put anyone in danger but admitted that in extreme cases, it could affect the ability to steer the steering wheel.

“The board remains hopeful that the fundamental strengths of the company, the TX4 model and its global reputation will provide the platform for a successful business in the future,” reads a company statement. The supplier of the part was a Chinese firm introduced by Geely. Manganese Bronze and Geely signed a joint venture agreement in 2006 and own a factory in Shanghai that produces taxis for the international market. The company employs 300 people in the UK.

by Dan Mihalascu (my Google+) - Monday, October 22nd, 2012 - filed under News. Image credit: .
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