Wed, 31 Oct 2012 | ADMINISTRATION
A sale of Manganese Bronze is not too far off if administrators are to be believed, with discussions reportedly underway with a number of parties.
PwC is working as the administrator for the firm, which manufactures the famous London black cabs.
Manganese has struggled to recover from a “combination of poor UK sales, supply chain issues, and high warranty costs”. A number of accounting errors discovered in the first half of 2012 and the need to recall over 400 black cabs compounded problems.
However, reports from PwC suggest that there is a healthy level of interest in the company. Matthew Hammond, joint administrator, noted that there has been an unusually high amount of interest from UK-based and international enquirers.
He added: “Our immediate priority is to secure funding in order to explore the options rapidly developed by the management team and key suppliers to resolve the steering box recall.”
Manganese Bronze issued a profit warning in January of this year, noting that it had not made a profit in 2011 and suggesting that there was a chance hat it could fall short of expectations for 2012.
This year, the firm recorded an operating loss of £3.1 million on revenues of £34.3 million in the first six months of the year, before an accounting error discovered in August noted that it had understated past losses by a total of £4.25 million.
A concept which led to revolutionizing the restaurant industry, offering an efficient and profitable approach to food production and targeted marketing.
Their versatile offerings include custom rafted joinery products such as elegant doorsets, stylish TV and media units, functional desks, ingenious shelving and storage solutions, luxurious bed surrounds, stunning timber staircases, sophisticated engi...
As a specialist in Italian Motorcycle Parts and Accessories supplies, the business has developed expertise in sourcing and offering a comprehensive range of high-quality products.
17
|
May
|
Focus Group continues acquisitive growth with telecoms deal | BUSINESS SALE
Business communications provider Focus Group has continued i...
17
|
May
|
Foresight-backed lab services group acquires sample storage specialist | BUSINESS SALE
Biofortuna, a laboratory services group backed by SME invest...
17
|
May
|
Brown & Brown acquires two insurance brokers | BUSINESS SALE
Brown & Brown (Europe) has continued its acquisitive activit...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.