Cab maker Manganese Bronze to appoint administrators, funding talks fail

Mon Oct 22, 2012 8:01am EDT

Oct 22 (Reuters) - Manganese Bronze Holdings Plc, the maker of London's iconic black cabs, said it had sought the appointment of administrators after talks to secure funding were unsuccessful.

The company said it remained focused on the speedy resolution of the steering box fault that led to a product recall announced on Oct. 12.

Manganese Bronze, which has been reporting losses since 2008, suspended trading in its shares earlier this month, saying its financial position was unclear after it discovered a safety defect in its new TX4 model that led to the recall and a halt in sales.