News blog

Manganese Bronze

• BY: Andrew Hore |
• POSTED: 22/10/2012 |

Black taxi manufacturer Manganese Bronze is appointing an administrator because it has been unable to raise the cash it requires.

Problems have been exacerbated by the recall of TX4 taxis because of problems with a component. The fault is in the steering box, which is a design that was been used since February. Sales of the taxi have been suspended.

Around 400 taxis have been recalled because of the fault. Manganese Bronze was already losing money before this happened.

Trading in the shares was suspended at 10p a share on 12 October. That valued the company at £15.1m.
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