Mon, 22 Oct 2012 | ADMINISTRATION
The company that manufactures London's iconic black cabs is set to enter administration.
Manganese Bronze announced its plans in a statement explaining that crisis talks held to try to save the firm have failed.
It had originally been hoped that a deal would be arranged with Chinese car manufacturer Geely, which is already the company's largest shareholder. Unfortunately, these plans have not come to fruition and the jobs of Manganese Bronze's 288 employees are now at risk.
A statement from the group read: “The board has therefore concluded that the group is no longer a going concern and has filed notice of intention to appoint administrators.”
It added: “A speedy resolution of the product recall ... remains the top priority for the Group and will continue to do so throughout the administration process.”
This refers to problems with the latest TX4 model discovered earlier this year. The vehicle had a safety defect with its steering box prompting a massive emergency recall of 400 of the Hackney carriages earlier this month.
Despite ongoing problems, however, the firm remains positive, noting that it is “hopeful that the fundamental strengths of the company, the TX4 model and its global reputation" would provide the platform for a successful business in the future.
Grant Thornton UK LLP has been appointed as the company's administrators
Operating across North Yorkshire, the company has two divisions, one that provides IT infrastructure and one offering renewable energy solutions, including solar PV systems and electric vehicle charging points.
The group specialises in supplying and installing UPVC windows, doors and conservatories in a wide array of styles. Bespoke bathroom panelling and high-quality guttering products are also provided by the two companies.
The company is a well-regarded specialist provider of hygienic wall, floor, and ceiling cladding systems. To complement its core supply of PVC cladding, the business offers hot welded joints to prevent the build-up of bacteria and can supply stainles...
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