Britain’s iconic black cab maker could be rescued within weeks.
Manganese Bronze, the company which makes the TX4 cabs, went into administration when it was hit by an expensive recall following problems with steering boxes supplied from China.
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PricewaterhouseCoopers, the company’s administrators said a British supplier would now fix the problem allowing some 400 vehicles back onto the road.
Manganese Bronze is owned 20% by Geely, the Chinese car company that introduced the cab maker to the original steering box supplier. The massive recall was the final blow for a company already in financial difficulty having run into problems with a new IT system.
Four years ago, it was forced to recall 5,400 cabs after some of them caught fire and the company has failed to make a profit since 2007.
PricewaterhouseCoopers had been looking for a solution to the steering defect since taking control of the company last month. It said the new steering boxes will start to be fitted this week.
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By GlobalDataGeely 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.
