Manganese Bronze, the maker of London's black cabs, has called in administrators Grant Thornton after saying it is no longer a going concern.
In a statement the company said: "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."
The news follows the suspension of its shares on October 12th, after a fault with the vehicle's steering box led to over 400 of its new TX4 taxis being recalled and suspension of sales of the vehicle.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The company has made losses for the past four years and on August 14th had to delay the release of its unaudited results for the half year ended June 30th, after accounting errors on the previous year came to light.
The company's shares were last quoted on the stock exchange at 10p each, down from 35p a year ago.
Geely, its Chinese joint-venture partner owns 20%, while 26.82% owned by UK asset manager Toscafund, with Shroders holding just over 3%.
No one at Toscafund was available for comment when contacted.
CM
-
Christmas at Chatsworth: review of The Cavendish Hotel at BaslowMoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
