Firms eyeing up bust LTI

By Matthew Bates Wednesday 31 October 2012 Updated: 31/10 16:47

Latest News

Buy photos » LTI has called in administrators after recalling 400 cabs last month. 41.09.004.cov.jm7

AN ENCOURAGING list of companies is eyeing up bust taxi firm LTI, according to administrators.

Both national and international businesses are in talks to secure a future for the iconic London taxi, which is manufactured by the Holyhead Road based company.

Administrators at PricewaterhouseCoopers (PwC) are reviewing finances after LTI finally fell into administration on Tuesday.

Its parent company, Manganese Bronze, had posted a loss for four years in a row, with the final straw coming when shares were suspended last month and 400 new models recalled in a steering design fault scare.

Crisis talks to secure new funding failed the company announced it was entering administration.

PwC said it was looking to secure funding to keep the company secure while the recall was in operation.

A range of options are being examined to either rescue the business or "alternatively dispose of its assets to an investor that can secure the future of the London taxi".

Matthew Hammond, joint administrator and PwC partner, said: "Our immediate priority is to secure funding in order to explore the options rapidly developed by the Management team and key suppliers to resolve the steering box recall.

"We are reviewing the existing financial position to develop a range of options to rescue the business or alternatively dispose of it to an investor that can continue the business to a secure future for the iconic London Black Cab.

"We have immediately commenced discussions with an encouraging list of UK and International interested parties and would encourage any further interested parties to contact us as a matter of urgency."

The firm has a turnover of £75 million and employs 300 people, including 175 at its Coventry headquarters. Remaining workers are spread across dealerships in the city, as well as London, Manchester, Leeds, Edinburgh and Glasgow.

Joint administrators at PwC, along with Mr Hammond, are Tony Barrell, Ian Green and Mike Jervis.

Popular »

1 Coventry City Council to axe another 1,000 jobs

2 Car crash closes Holyhead Road

3 Canley cemetery extension gets green light

4 Major Chinese firm set for A45 base

5 Police reveal most wanted list for Coventry

More news »

Breaking news: LTI administrators make 156 redundancies

UNION chiefs have slammed London Taxi International administrators

Duran Duran frontman launches Children's Ambulance Service

DURAN Duran star Simon Le Bon launched the

Royal Mail leads new jobs boost as economy grows

SCORES of new jobs have been announced just

Signed photos of Henry Cooper and Mohammed Ali stolen

SIGNED photographs of Henry Cooper and Mohammed Ali

Regional news »

Rugby Observer
MP promoted to MoD

MP Mark Pawsey has been promoted to a role in ...

Solihull Observer
Anne Hathaway's Cottage needs your Heathrow vote

ANNE Hathaway's Cottage and the Midlands needs your help. Visit ...

Leamington Observer
No go for UCG Warwickshire plans

CONTROVERSIAL plans to extract energy from under Warwickshire's countryside appear ...

Redditch Standard
Stories of Great War fallen heroes told in exhibition

THE STORIES behind some of those who gave their lives ...

Local Businesses More Businesses »