Manganese Bronze Holdings PLC (the “Group”), the manufacturer of the world famous London taxi, today announces that discussions with various parties to secure funding on acceptable terms to address the Group’s financial needs have proved unsuccessful. The Board has therefore concluded that the Group is no longer a going concern and has filed notice of intention to appoint administrators.
A speedy resolution of the product recall announced on 12 October 2012 relating to the discovery of a steering box fault remains the top priority for the Group and will continue to do so throughout the administration process.
The Board remains hopeful that the fundamental strengths of the company, the TX4 model and its global reputation will provide the platform for a successful business in the future.
A further announcement will be made in due course.