Deal secures taxi jobs

Black Cab
Black Cab Credit: PA

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.

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Taxi Jobs Secure

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