PwC puts black cabs back on the road

by Rachael Singh

More from this author

24 Jan 2013

  • Comments
Taxi

PWC ADMINISTRATORS to collapsed black cab manufacturer Manganese Bronze say they have overseen the completion of the repair works needed in many of the cars.

Manganese Bronze entered insolvency in November last year after it faced a number of issues in recent years. Most recently, it had to recall cabs after a steering fault was discovered that saw it suspend sales and repair the fault, which caused severe cash-flow problems.

Matthew Hammond, Tony Barrell, Ian Green and Mike Jervis, all in the restructuring division at PwC, were appointed joint administrators.

The administrators had earlier said the repairs would be completed by early 2013. The last remaining vehicles are currently being fixed at a rate of about 20 a day.

"There continues to be speculation about the future of the Coventry-based manufacturer of the iconic London black cab. During the course of the administration, we have carried out extensive dialogue with numerous domestic and international interested parties," said the administrators.

"Whilst the conclusion of the administration with a successful sale is not guaranteed, our entire efforts are focused on rescuing this UK business to give it a long-term future and I am very encouraged with the progress made in just the last two weeks."

As well as having to repair recalled cabs, Manganese Bronze also had more than 500 new unregistered vehicles in stock that needed to be fixed.

The administrators are working closely with the London mayor, Transport for London, Licensed Taxi Drivers Association and the Vehicle Certification Agency.

Manganese Bronze discovered a £3.9m accounting black hole last August. The company put the hole down to a failure to transfer a number of transactions into a new IT system, causing the business to overstate stock and underestimate liabilities.

Visitor comments

blog comments powered by Disqus
display:none

Add your comment

We won't publish your address


By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

Submit
  • Send

Appointments to University Committees

University of Glasgow 120x60University of Glasgow - Glasgow - unremunerated positions

 

 

Newsletters

Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials

Careers

Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you

Briefings

budget-management

Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.

cchcover

iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.