By Kevin McCauley
FTI Consulting is counseling Manganese Bronze Holdings, maker of London’s iconic taxi, as it declares insolvency and says it “is no longer a going concern.”
PricewaterhouseCoopers is expected to be appointed administrator of the company that employs 400 staffers.
MBH’s London Taxi Co. has produced more than 100,000 vehicles at its Coventry production line since 1948.
It suffered a recall earlier this month affecting its TX4 model. More than 400 cars were affected due to faulty parts supplied by a Chinese company.
China’s Geely Automotive Investments is a major shareholder in MBH. Geely says the bad parts came from another supplier.
MBH lost $5.4M during the first-half of this year. It sold 1,081 vehicles.
Germany’s Daimler entered the London taxi market in 2008. It holds nearly a 25 percent stake.
FTI’s Nick Hasell works the London taxi account.
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