- 6 updates
A leading Chinese automobile manufacturer has bought Coventry-based Manganese Bronze, the makers of London's iconic black taxi.
Zejiang Geely Holding Group (Geely) purchased the group for £11.04m, in agreement with Pricewaterhouse Coopers, who were appointed their administrators.
Geely says it would continue to assemble the TX4 model at Manganese Broze's plant in Coventry
Geely says they will seek to re-establish the manufacture, sale and servicing of vehicles on the same basis as existed before Manganese Bronze went into administration.
The company says they will seek to develop new models to follow the current TX4 version.
More than 100 jobs have been secured after the maker of the distinctive London taxi was bought out of administration in a deal worth £11 million.
Manganese Bronze has been acquired by Chinese automaker Geely, which owned a 20% stake in the firm before it collapsed into administration last October.
Manganese hit the wall after recalling 500 black cabs due to a steering box fault, which came on top of mounting losses at the group. Geely pledged to retain the group's 107 staff and existing manufacturing site in Coventry.
156 jobs have already been axed since Manganese called in administrators.