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Manganese Bronze. (MNGS)

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Monday 22 October, 2012

Manganese Bronze.

Notice of intention to appoint administrators

RNS Number : 2155P
Manganese Bronze Hldgs PLC
22 October 2012
 

Manganese Bronze Holdings PLC

 

Notice of intention to appoint administrators

 

22 October 2012

 

Manganese Bronze Holdings PLC (the "Group"), the manufacturer of the world famous London taxi, today announces that discussions with various parties to secure funding on acceptable terms to address the Group's financial needs have proved unsuccessful. The Board has therefore concluded that the Group is no longer a going concern and has filed notice of intention to appoint administrators.

 

A speedy resolution of the product recall announced on 12 October 2012 relating to the discovery of a steering box fault remains the top priority for the Group and will continue to do so throughout the administration process.

 

The Board remains hopeful that the fundamental strengths of the company, the TX4 model and its global reputation will provide the platform for a successful business in the future.

 

A further announcement will be made in due course.

 

 

For further information, please contact:

 

Manganese Bronze Holdings PLC

 

John Russell, Group Chief Executive

Tel: +44 (0) 24 7657 2108

Peter Johansen, Group Finance Director

Tel: +44 (0) 24 7657 2214


FTI Consulting

 

Nick Hasell

Tel: +44 (0) 20 7269 7291

  

Grant Thornton UK LLP

 

Philip Secrett/Melanie Frean

Tel: +44 (0) 20 7383 5100

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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