Chinese manufacturer saves black cab firm
China’s Geely have acquired London taxi manufacturer, Manganese Bronze and its subsidiaries, administrators PwC have confirmed.
The deal includes retaining The London Taxi Company Head Office production and assembly plant in Coventry, the Mann & Overton dealership in London, and all related dealership assets including those in Manchester and Edinburgh.
Shares that Manganese Bronze held in a Shanghai-based joint venture will also be included in the deal, as will the company’s stock of new and unregistered vehicles together with the entire fleet of used and demonstrator vehicles.
Geely previously owned a stake in the business, and this sale follows months of searching by PwC for a buyer.
Matthew Hammond, lead joint administrator and partner at PwC said: “The last 3 months has seen an extensive search for a buyer, an accelerated successful programme to return the small number vehicles affected by last Autumn’s recall quickly to cabbies in London and across the UK, and the readying of new vehicles for a return to the market.
“I am delighted to announce the completion of this deal which secures a future for the Coventry based manufacturer of the iconic Black Cab. It is great news for London Black cab drivers and operators, for the employees across the dealerships and in Coventry, and for the suppliers who have supported the business. All current MBH and LTI employees will be transferred to the new company.
“The Midlands automotive industry is benefiting once again from new overseas investment and the London Taxi Company can now move forward with the added boost of Chinese investment in this UK business.
“The business has been forced to operate through the administration without manufacturing new vehicles or selling vehicles into the markets. I am pleased that the business can now resume the manufacturing and sale of new and current vehicles and can re-established itself fully with new investment. The TX4 assembly line in Coventry is ready to emerge from the administration to continue manufacturing this British icon.”
This was posted in Bdaily's Members' News section by Tom Keighley .