Chinese car company buys black taxi manufacturer

4ni.co.uk - Geely, a Chinese car manufacturer, has bought black cab manufacturer LTI for £11.4m.

The "business and the principal assets" of Manganese Bronze Holdings (MBH), the manufacturer of the London cabs has been acquired by the Chinese firm after LTI in Coventry went into administration in October with 99 out of its 176 workers losing their jobs.

The deal, which it said will safeguard production in the UK, was agreed with administrators Pricewaterhouse Coopers.

Geely said that its priority will be to re-establish the manufacture, sale and servicing of new and current vehicles "on broadly the same basis" as before the administration, including the continued assembly of the TX4 at the Coventry plant and retaining its 107 staff.