The makers of London's iconic black taxis, Manganese Bronze yesterday penned a deal to secure its biggest overseas order to date after the Bahrain Economic Development Board (BEDB) agreed to buy 200 cabs.
The deal is thought to be worth about £6m and will come as relief to Manganese Bronze, which has been trying to offset falling demand in the UK, by agreeing overseas deals, including a joint venture in China. The model being sold to the BEDB is the group's latest TX4, which has suffered overheating problems in the UK. London Taxis International, the division of Manganese Bronze that supplies the London market, has been forced to recall thousands of TX4s to cure the problem, at a cost of £4m.
News of the deal in the Middle East initially pushed Manganese Bronze's shares up 5 per cent, before they fell back to close down 1p at 127.5p. The group has lost 82.25 per cent of its value in the last 12 months.