More than 100 jobs have been secured after the maker of the distinctive London taxi was bought out of administration in a deal worth £11m.
Coventry-based Manganese Bronze has been acquired by Chinese private automaker Geely, which owned a 20 per cent stake in the firm before it collapsed into administration last October.
Manganese hit the wall after recalling 500 black cabs due to a steering box fault, which came on top of mounting losses at the group.
Geely pledged to retain the group’s 107 staff and existing manufacturing site in Coventry.
But 156 jobs have already been axed since Manganese called in administrators.
The deal was welcomed by Boris Johnson, the Mayor of London.
He said: “I am delighted Geely has successfully secured the future of the London Taxi Company, ensuring the continuing manufacture of a world famous and instantly recognisable vehicle synonymous with London.”