Wed, 31 Oct 2012 | ADMINISTRATION
A sale of Manganese Bronze is not too far off if administrators are to be believed, with discussions reportedly underway with a number of parties.
PwC is working as the administrator for the firm, which manufactures the famous London black cabs.
Manganese has struggled to recover from a “combination of poor UK sales, supply chain issues, and high warranty costs”. A number of accounting errors discovered in the first half of 2012 and the need to recall over 400 black cabs compounded problems.
However, reports from PwC suggest that there is a healthy level of interest in the company. Matthew Hammond, joint administrator, noted that there has been an unusually high amount of interest from UK-based and international enquirers.
He added: “Our immediate priority is to secure funding in order to explore the options rapidly developed by the management team and key suppliers to resolve the steering box recall.”
Manganese Bronze issued a profit warning in January of this year, noting that it had not made a profit in 2011 and suggesting that there was a chance hat it could fall short of expectations for 2012.
This year, the firm recorded an operating loss of £3.1 million on revenues of £34.3 million in the first six months of the year, before an accounting error discovered in August noted that it had understated past losses by a total of £4.25 million.
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