Member Article

Administrators look for Manganese Bronze sale

Black cab manufacturers Manganese Bronze have appointed PwC as administrators as efforts to raise funds fail.

The Group has been making losses for four years due to a combination of poor UK sales, supply chain issues, and high warranty costs.

Shares in the firm were suspended earlier this month, however the Group has been unable to secure funding and as a result could not continue to trade as a going concern.

In a statement, PwC said: “The administrators have entered into discussions with key stakeholders to secure funding to support the business through this period whilst the administrators seek a sale of the business and assets as a going concern.”

Matthew Hammond, joint administrator and PwC partner, said: “Our immediate priority is to secure funding in order to explore the options rapidly developed by the Management team and key suppliers to resolve the steering box recall.

“We are reviewing the existing financial position to develop a range of options to rescue the business or alternatively dispose of it to an investor that can continue the business to a secure future for the iconic London Black Cab.

“We have immediately commenced discussions with an encouraging list of UK and International interested parties and would encourage any further interested parties to contact us as a matter of urgency.”

The firm has employees across dealerships in London, Manchester, Leeds, Glasgow, Edinburgh and Coventry.

This was posted in Bdaily's Members' News section by Tom Keighley .