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Geely acquires the London Taxi Company

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.”



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Comments

  • john - 04/02/2013 14:22

    Whilst I am pleased geeley have acquired & thus saved the iconic & world wide reconized vehicle, unless they install an equally important trusted and driver desired engine geeley will be throwing away good money after bad & will be doomed to failure.

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  • Patriot - 04/02/2013 23:49

    How to take over a British company for peanuts.
    Buy a shareholding and make sure your native country sells vital components that are faulty. Refuse to give more money to deal with subsequent warranty claims. Watch company go bust then buy the remaining assets in a fire sale.
    Simples.

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  • John flynn - 05/02/2013 03:48

    What about the cabs that where sold before the sale to geely this is the same company that made the cabs before so whats going to change if nothing then we are going to be in the same position in the not to near future as the finish of the cab was of a very poor standard also what has happened to the warranty of these vehicles that were sold before the takeover . If there is no warranty for these vehicles how do you expect to rebuild the trust within the cab trade at a time that other company's are trying to bring new taxis into the market

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  • Thomas mcnellis - 05/02/2013 14:05

    Does this mean all warranties are now back in force

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