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22/10/2012
Black Cab Maker Enters Administration
The maker of London's black cabs has gone into administration, putting almost 300 British jobs at risk.
Manganese Bronze, which has been making black cabs since 1948, said talks with various parties to secure last-minute rescue funds had ended in failure.
The company – which manufactures the cabs in China – employs 288 people in Coventry. It is expected to call in administrators PricewaterhouseCoopers.
Manganese was locked in emergency talks with executives from Geely, the Chinese carmaker, over the weekend in an attempt to secure a bailout. Geely already owns 20% of the company but negotiations broke down and Manganese said the two could not agree on "acceptable" terms.
Manganese's chief executive, John Russell, had said the group needed several million pounds a month to stay afloat.
A former British success story, Manganese has failed to turn a profit since 2007. The company has faced growing competition after cab drivers were given permission to use the Mercedes Vito, breaking Manganese's monopoly. Japanese carmaker Nissan is also working on a version of the black cab.
Manganese shares – which were suspended at 10p, valuing the company at just £3m – have fallen 70% in the past year. Just five years ago, they were changing hands at more than 800p each.
(H)
Manganese Bronze, which has been making black cabs since 1948, said talks with various parties to secure last-minute rescue funds had ended in failure.
The company – which manufactures the cabs in China – employs 288 people in Coventry. It is expected to call in administrators PricewaterhouseCoopers.
Manganese was locked in emergency talks with executives from Geely, the Chinese carmaker, over the weekend in an attempt to secure a bailout. Geely already owns 20% of the company but negotiations broke down and Manganese said the two could not agree on "acceptable" terms.
Manganese's chief executive, John Russell, had said the group needed several million pounds a month to stay afloat.
A former British success story, Manganese has failed to turn a profit since 2007. The company has faced growing competition after cab drivers were given permission to use the Mercedes Vito, breaking Manganese's monopoly. Japanese carmaker Nissan is also working on a version of the black cab.
Manganese shares – which were suspended at 10p, valuing the company at just £3m – have fallen 70% in the past year. Just five years ago, they were changing hands at more than 800p each.
(H)
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