Recall is latest blow for troubled London taxis firm
The troubled maker of famous London taxis was thrown into further
turmoil today after it announced plans to recall 400 black cabs and
suspend sales after discovering a steering box fault.
Manganese Bronze said it had discovered a defect with new steering boxes in its TX4 models, which were introduced in production at its Coventry factory in late February.
It warned that the recall and sales suspension would have a "material and detrimental" impact on its cashflow and said it was looking at options for the firm.
The news comes as the latest blow to the company, which has been hit by mounting losses and a recent accounting blunder that left it with a £4 million hole in its accounts.
Manganese, which suspended trading of its shares earlier in the day, said it was working with Chinese partner Geely to fix the steering box fault.
But it said: "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."
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