Taxi manufacturer Manganese Bronze issues recall over steering fault
The troubled London black cab manufacturer Manganese Bronze has announced a recall of approximately 400 of its TX4 London taxis and suspension of sales of new TX4 models as a result of the discovery of a defect in the steering box.
The steering box is a new design from a new supplier that was introduced in production at the Group's Coventry factory in late February 2012.
Manganese Bronze said it was in discussions with its Chinese manufacturing partner Geely "to put in place a robust technical solution for the steering box faults".
The company said the suspension of sales would have a very material and detrimental impact on its cash flows and the board were working to establish the options available to the business given the impact on working capital.
"Until such time that a technical solution is developed to rectify the fault, the financial position of the Group remains unclear and trading in the Company's shares will remain suspended," it said.
