The maker of London’s famous black cabs said Monday that it was going into administration after failing to secure an injection of cash from one of its largest shareholders.
Manganese Bronze’s rounded, limousine-like cabs are known the world over, but the company has been losing money for years, hit both by Britain’s economic downturn and stiff rivalry from vehicles such as the Vito, made by Mercedes, an arm of German car giant Daimler AG. Manganese Bronze launched its latest model, the TX4, in 2006, but a defect in the taxi’s steering system recently forced it into a recall.
The firm employs 300 people and is based in Coventry. It has been making cabs since 1948.
It had been in talks about a cash injection with Chinese company Geeley, which already owns a 20 percent stake.
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