UK: Some 50 parties thought to express Manganese Bronze interest
Up to 50 potential parties could be interested in London cab manufacturer, Manganese Bronze, as administrators evaluate bids to rescue the TX4 producer.
Manganese Bronze went into administration when it was hit by a recall following problems with steering boxes supplied from China, although administrators, PricewaterhouseCoopers, say an unnamed British component maker will step in to ensure around 400 vehicles return to service.
A spokeswoman for PwC today (20 November) told just-auto there was a figure of around 50 possible parties being mooted which had expressed interest in Manganese Bronze, although some were more serious than others, with the firm now evaluating that initial list.
"They [PwC] have been speaking to quite a few interested parties since they were brought in as administrators," the spokeswoman told just-auto. "We have not spoken about names - that is highly confidential.
"There are four administrators appointed on 30 October and they have an administration team who are on site at the Coventry plant as well."
Such is the interest surrounding the loss-making producer of the iconic London cab, that several international film crews ranging from South Korea, France and Germany are currently at its UK plant of Coventry.
Manganese Bronze is owned 20% by Geely, the Chinese car company that introduced the cab maker to the original steering box supplier.
PricewaterhouseCoopers had been looking for a solution to the steering defect since taking control of the company last month and says new steering boxes will start to be fitted this week.
Geely refused to provide Manganese with US$23m rescue financing and the administrators were called in, putting 300 jobs at risk.
The new steering box will also be fitted to 500 unsold vehicles so they can be released to the market early next year.