London taxi firm rescued from administration

15:16 01 February 2013

The firm collapsed into administration. Picture: David Jones/PA Wire

The firm collapsed into administration. Picture: David Jones/PA Wire

More than 100 jobs have been secured after the maker of the London taxi was bought out of administration in an £11million deal.

Manganese Bronze has been acquired by Chinese firm Geely, which owned a 20% stake in the firm before it collapsed into administration last October.

Manganese collapsed after recalling 500 black cabs due to a steering box fault, which came on top of mounting losses at the group.

Geely pledged to retain the group’s 107 staff and existing manufacturing site in Coventry.

But 156 jobs have already been axed since Manganese called in administrators.

The deal was welcomed by Boris Johnson, the Mayor of London.

He said: “I am delighted that Geely has successfully secured the future of the London Taxi Company, ensuring the continuing manufacture of a world famous, fully accessible and instantly recognisable vehicle synonymous with London.”