Manganese Bronze Holdings plc, the manufacturer of the London taxi and recipient of investment from the Chinese OEM Geely with which it has a joint venture, announced on 22 October that discussions with various parties to secure funding on acceptable terms to address its financial needs had proved unsuccessful. The board has therefore concluded that Manganese Bronze is no longer a going concern and has filed notice of intention to appoint administrators.
The board’s statement said the speedy resolution of the product recall announced on 12 October 2012 relating to the discovery of a steering box fault remained the top priority for the Group and will continue to do so throughout the administration process.
The board said it “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.”
The statement quoted ex-Harley Davidson Europe Chief Executive John Russell as Chief Executive Officer, and Peter Johansen, Group Finance Director, as the sources of further information, along with the accountancy practice Grant Thornton UK.
