Taxi firm collapses

The makers of the iconic black taxi cab, Manganese Bronze, has finally had to call in the administrators, putting 288 jobs at risk at its Midlands base in Coventry.

The company has struggled in recent times, suffering from the economic downturn certainly, with sales dropping but also recently having to recall  a number of vehicles due to problems with steering, a costly precedure.

It had been hoped that one of their largest shareholders, Geely, a Chinese company, would supply additional capital to keep the company afloat but that hasn't happened and Price WaterhouseCoopers have been named as administrators.