Geely UK Limited, a newly-created subsidiary of the Geely parent company, Zhejiang Geely Holding Group (‘Geely UK’), has acquired the London Taxi Company, manufacturer of the iconic London 'Black Cab'.
The deal includes retaining The London Taxi Company head office production and assembly plant in Coventry, the Mann & Overton dealership in London including its property, and all related dealership assets including those in Manchester and Edinburgh.
In addition, the goodwill and brand names within the London Taxi Company and the shares that Manganese Bronze held in a Shanghai-based joint venture are included in the sale.
Most importantly, The London Taxi Company's stock of new and unregistered vehicles together with the entire fleet of used and demonstrator vehicles are also part of the deal with Geely UK.
Matthew Hammond, lead joint administrator and partner at PwC, said: “The last three months has seen an extensive search for a buyer, an accelerated successful programme to return the small number vehicles affected by last Autumn's recall quickly to cabbies in London and across the UK, and the readying of new vehicles for a return to the market.
"I am delighted to announce the completion of this deal which secures a future for the Coventry based manufacturer of the iconic 'Black Cab'. It is great news for London 'Black Cab' drivers and operators, for the employees across the dealerships and in Coventry, and for the suppliers who have supported the business. All current MBH and LTI employees will be transferred to the new company.
"The business has been forced to operate through the administration without manufacturing new vehicles or selling vehicles into the markets. I am pleased that the business can now resume the manufacturing and sale of new and current vehicles and can re-established itself fully with new investment.”