Sat, 02 Feb 2013 | ADMINISTRATION
The iconic black taxi manufacturer LTI has been purchased by one of its creditors, Chinese carmaker Geely, for £11.4 million.
Coventry-based LTI entered administration in October last year, with the loss of 99 staff from its 176-strong workforce. The administrators at PwC agreed the deal, which includes the “business and principal assets” of the London cab maker Manganese Bronze Holdings.
The London Taxi Company headquarters are to be retained, as are the London-based Mann & Overton dealership, with its property, and any other related dealership assets. Intellectual property rights, trademarks and the goodwill are also included in the purchase.
“We have ambitious plans for the business and, despite there being a number of challenges to overcome, we are committed to working with all stakeholders to build a solid future for the black cab business that will enable it to return to profitability and grow substantially,” Li Shufu, the chairman of Zhejiang Geely Holding Group, said.
Geely bought a 19.97 per cent stake in Manganese Bronze Holdings in 2006, and set up a joint manufacturing site in China in 2009. It was also its largest creditor when the firm entered administration.
Geely’s first task is to restart the manufacture, sales and servicing of the new and existing vehicles, to include the TX4, at the Coventry site. It is expected that the staff who lost their jobs may be re-employed.
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