The deal, announced today by administrators PricewaterhouseCoopers, sees Geely’s newly founded UK subsidiary – Geely UK Ltd – snap up the entire firm.
Geely, which also owns Volvo Cars, already had a 20 per cent stake in Manganese Bronze – taken out in 2006 in order to help the Chinese firm produce the iconic black cab under licence in their home market.
Geely are understood to have paid around £11 million for the firm, promising to try and re-establish their UK manufacturing, sales and servicing infrastructure.
‘Geely’s priority will be to re-establish the manufacture, sale and servicing of new and current vehicles on broadly the same basis as existed before the business went into administration,’ Geely chairman Li Shufu told Reuters.
‘This will include the continued assembly of the TX4 at Manganese Bronze’s existing Coventry plant in the West Midlands.’
Matthew Hammond, lead joint administrator at PwC said: ‘I am delighted to announce the completion of this deal which secures a future for the Coventry based manufacturer of the iconic Black Cab.
‘It is great news for London Black cab drivers and operators, for the employees across the dealerships and in Coventry, and for the suppliers who have supported the business. All current MBH and LTI employees will be transferred to the new company.
‘I would like to extend our thanks to all whom have played a part in this rescue of The London Taxi Company including the management team and staff, UNITE as the representative of many of the employees, Transport for London and the London Taxi Drivers Association, the funders and particularly key suppliers.’