GEELY’S BLACK CAB RESCUE

New blog posting, GEELY'S BLACK CAB RESCUE

The Spice Girls on taxis at the London Olympics closing ceremony CHINESE group Geely is on the verge of snapping up a company that has been making iconic black taxi cabs in the UK for more than half a century. Geely, which already owns 20 per cent of Manganese Bronze, is understood to be in negotiations with administrator PwC to buy the remaining 80 per cent of the firm by the end of the month. Coventry–based Manganese Bronze collapsed into administration in October following four years of losses and a steering box fault that forced it to halt sales. The fault has now been rectified. It is unclear how much Geely is paying for the firm but it is understood that creditors who are owed £54million by Manganese will not receive full payment. PwC did not comment. Manganese’s taxis have been on British streets since 1948 and featured in the London Olympics closing ceremony, carry...

Full article: http://legaledoff.com/2013/01/21/geelys-black-cab-rescue/