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You can find the current article at its original source at http://www.guardian.co.uk/uk/2012/oct/30/london-black-cab-firm-loss
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| Version 3 | Version 4 |
|---|---|
| London black cab firm future in doubt | London black cab firm future in doubt |
| (8 days later) | |
| London black cab maker Manganese Bronze has appointed PricewaterhouseCoopers as administrators. The company reported on Tuesday that the accountants aim to find a buyer for the whole business or just for parts of it. | London black cab maker Manganese Bronze has appointed PricewaterhouseCoopers as administrators. The company reported on Tuesday that the accountants aim to find a buyer for the whole business or just for parts of it. |
| Matthew Hammond, a partner with the firm, said: "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." | Matthew Hammond, a partner with the firm, said: "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." |
| Discussions have already started with a number of UK and international companies. But the future of the manufacturer, which has been losing market share to Mercedes Vito taxis, does not look bright. | Discussions have already started with a number of UK and international companies. But the future of the manufacturer, which has been losing market share to Mercedes Vito taxis, does not look bright. |
| Manganese Bronze has been making losses for four years due to a combination of poor UK sales, supply chain issues, and high warranty costs. Earlier this month it suspended its shares and recalled 400 taxis due to a steering box defect. A hoped for emergency cash injection from its Chinese partner, Geely, failed to materialise. | Manganese Bronze has been making losses for four years due to a combination of poor UK sales, supply chain issues, and high warranty costs. Earlier this month it suspended its shares and recalled 400 taxis due to a steering box defect. A hoped for emergency cash injection from its Chinese partner, Geely, failed to materialise. |
| Shares closed at 10 pence on 11 October, the last day they traded on the London Stock Exchange, valuing the company at about £3m. The Coventry firm has about 280 employees. | Shares closed at 10 pence on 11 October, the last day they traded on the London Stock Exchange, valuing the company at about £3m. The Coventry firm has about 280 employees. |
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