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Maker of London black cabs goes into administration

Maker of London cabs goes into administration

News: the company that makes London's famous taxis, Manganese Bronze Holdings, is going into administration having failed to make a profit since 2007.

The Coventry-based firm made the announcement on Monday when it became clear it couldn't secure a loan from Chinese shareholder Geely. The news follows the suspension of the firm's shares and the recall of 400 vehicles earlier this month due to a fault with the steering box.

Under the name London Taxi Company, Manganese Bronze Holdings still designs taxis using a similar basic structure to the first black cab from 1948 but has recently faced competition from the Vito by Mercedes-Benz and the NV200 London Taxi by Nissan that's due to be available to London taxi drivers soon. Read more in our earlier story.

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