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.”

Latest Stories from SNAP.PA

With the Taken 3 trailer out, here’s why we love Liam Neeson so much.

Read more

Even some of Apple’s advertising for the iPhone 6 hasn’t been completely flat.

Read more

These guys are hoping to claim a Darwin Award for idiotic crimes. Looks like they’ve got a good chance.

Read more

Promotions

AGA Living Subscription

Every issue of AGA Living magazine is packed full of celebrity AGA owner interviews, interior and design features, ideas to inspire your culinary imagination, mouth-watering recipes and inspirational shopping ideas.

Dojo gives you hand picked recommendations for events, places and activities in London

Tired of always hearing about some amazing event in London after its gone, missing out on the best activities? That’s where Dojo comes in.

These guys are hoping to claim a Darwin Award for idiotic crimes. Looks like they’ve got a good chance.

It’s a struggle being a muggle.

And he’ll be joined by many more A Listers!

Vegetable oil was massaged into the dog’s fur to loosen the tar as part of the incredible rescue.

TOP Stories

Comedian Russell Brand shows his support to Focus E15 campaigners outside Bow County Court. Picture: Isabel Infantes

Russell Brand joined Focus E15 campaigners at Bow County Court this morning, where the group of mothers agreed to end their occupation of the Carpenters Estate - but vowed to continue their fight.

13:16
Jeremy and Erin Morris. Picture: Dave M. Benett/Getty Images.

A Primrose Hill woman blamed for throwing rowdy all-night parties with her husband has apologised for disturbing neighbours – and described their antics as “middle-aged ravers getting out of control”.

57 minutes ago
Kuntal Patel was cleared of poisoning her mother in a Breaking Bad-inspired plot (Picture:: Elizabeth Cook/PA Wire)

A love-struck woman who was alleged to have tried to poison her mum in a plot ripped off from Breaking Bad has been cleared of spiking a can of diet coke with a deadly toxin.

London Bloggers

Wednesday, September 17, 2014
The cast, including Josie Lawrence and Mike Myers

Simon Collins catches up with the improv impresarios, who despite being the world’s longest-running comedy show with the same cast, have lost none of the razor-sharp wit:

Monday, September 1, 2014
Do you really need an explanation for that?! (Pic by Serena Marinelli)

If you’ve ever seen an Italian movie, you would probably know how important body language is in the culture.

Tuesday, August 26, 2014
Don't waste any of your harvest

If you are now inundated with ripe tomatoes, juicy green beans, berries and herbs, don’t leave them to go stringy or mouldy because the freezer can go a long way to making your crops last well into winter.