London black cab maker call in administrators
October 23 , 2012
Manganese Bronze, maker of London's black cab, is set to appoint administrators after failing to secure funding required to survive.
The firm had been in talks with its largest shareholders, including China's Geely Automobile Holdings in a bid to secure a last-minute bailout on Monday.
"The issue here was not a lack of opportunity around the quantum of support being offered," Chief Executive John Russell said. "It was around the ability of Manganese Bronze, a company with a very weak balance sheet, to take on the level of debt required."
Russell added the company had discussed an injection of "tens of millions" of dollars with parties including the company's two largest shareholders, Geely and Toscafund Asset Management.
Manganes Bronze’s taxis have been picking up passengers on London streets since 1948.
Accounting firm PricewaterhouseCoopers is to be appointed as administrator.