Thu, 12 Sep 2013 | BUSINESS NEWS
Black taxi manufacturer, Manganese Bronze, entered administration in October of 2012 but after buying the distressed business, Chinese company Geely has finally started to turn around its fortunes for the better.
Geely took ownership of the company six months ago. It paid £11 million for the 80 per cent of the company it didn't already own and pledged to invest £150 million over the next five years in the Coventry-based factory that makes the iconic TX4 taxi model.
Business Secretary Vince Cable welcomed the news of the investment. At a ceremony opening the Coventry factory, he said: “After a period of worry and uncertainty for the workforce, Geely Group's investment has secured the future of the iconic black cabs company, protecting highly skilled jobs in the Midlands and ensuring that London cabs continue to be made here in Britain.”
There has been some concern about Geely perhaps looking to move production across to China, but the company assured the UK that it plans to keep production in the UK while the product is relevant to the local area.
Mr Cable added that the fresh round of investment in the firm is “a clear demonstration of the success of the British car industry”.
Manganese Bronze entered administration as a result of costs arising from difficulties with a steering box component. Around 60 per cent of the firm's staff were made redundant. Geely has attempted to reinstate jobs where possible.
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Iconic black cab maker saved by creditor
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