Sussex wrote:
Looks like the Chinese might be back for a fire sale.
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| London Taxi Company rescue bid must ignore sentiment: MP http://www.taxi-driver.co.uk/phpBB2/viewtopic.php?f=2&t=20537 |
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| Author: | captain cab [ Sat Oct 27, 2012 9:29 am ] |
| Post subject: | London Taxi Company rescue bid must ignore sentiment: MP |
London Taxi Company rescue bid must ignore sentiment: MP A Coventry MP hopes troubled black cab maker Manganese Bronze can be saved on the grounds it is a good business, rather than for "sentimental" reasons. Labour's Geoffrey Robinson is to meet bosses at the city-based firm, which trades as the London Taxi Company, after it called in administrators. The firm employs 288 staff, with 170 of them based at its factory in Coventry. Mr Robinson said the taxi was a global brand but it had to remain business-like if it was to have a future. Manganese Bronze called in administrator PricewaterhouseCoopers after failing to secure new funding. The company had made losses for the past four years and its shares were suspended earlier this month, after a fault with the TX4 vehicle's steering box led to 400 of them being recalled. 'Hard-headed' It had been trying to secure a loan from its Chinese shareholder Geely. Coventry North West MP Mr Robinson said he would take the firm's case to the Department for Business, Innovation and Skills if investors could not be found. He said: "What I'd like to see them doing is to find a strong British company that will give the company a new lease of life to go forward. "It is an iconic company. "Quite a lot of jobs are at stake and we don't see any reason, because of an incident like a recall that can happen to any company, it should be let to go to the dogs." Mr Robinson added: "It's known throughout the world but we can't get nostalgic about it or sentimental. "We want to be hard-headed and business-like about it and secure it because it's a good business as well." source: http://www.bbc.co.uk/news/uk-england-co ... e-20092777 |
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| Author: | bloodnock [ Sat Oct 27, 2012 9:34 am ] |
| Post subject: | Re: London Taxi Company rescue bid must ignore sentiment: MP |
Quote: A Coventry MP hopes troubled black cab maker Manganese Bronze can be saved on the grounds it is a good business Not High up on the entrepreneurial Scale these MP's...If it were a such a "Good Business" it Wouldn't need saved.. |
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| Author: | gusmac [ Sat Oct 27, 2012 10:58 am ] |
| Post subject: | Re: London Taxi Company rescue bid must ignore sentiment: MP |
bloodnock wrote: Quote: A Coventry MP hopes troubled black cab maker Manganese Bronze can be saved on the grounds it is a good business Not High up on the entrepreneurial Scale these MP's...If it were a such a "Good Business" it Wouldn't need saved.. Agreed. As the local MP, he has to say something hopeful, I suppose. Somebody will buy it for a pittance from the liquidators, hive off the brand/ iconic status, along with anything profitable and flush the rest down the shitpan. Bleak outlook for the workforce, anyone owed money by them and anyone with one of their cabs, especially if it's under warranty. |
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| Author: | edders23 [ Sat Oct 27, 2012 12:32 pm ] |
| Post subject: | Re: London Taxi Company rescue bid must ignore sentiment: MP |
He's just laying the groundwork for a chinese takeover and the export of the remaining jobs |
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| Author: | Sussex [ Tue Oct 30, 2012 7:24 pm ] |
| Post subject: | Re: London Taxi Company rescue bid must ignore sentiment: MP |
Looks like the Chinese might be back for a fire sale. http://www.bbc.co.uk/news/business-20142834 |
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| Author: | wannabeeahack [ Wed Oct 31, 2012 11:40 am ] |
| Post subject: | Re: London Taxi Company rescue bid must ignore sentiment: MP |
bloodnock wrote: Quote: A Coventry MP hopes troubled black cab maker Manganese Bronze can be saved on the grounds it is a good business Not High up on the entrepreneurial Scale these MP's...If it were a such a "Good Business" it Wouldn't need saved.. He's Labour, what do you expect, he probably wants the unions to run it |
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| Author: | wannabeeahack [ Wed Oct 31, 2012 12:00 pm ] |
| Post subject: | Re: London Taxi Company rescue bid must ignore sentiment: MP |
Sussex wrote: Looks like the Chinese might be back for a fire sale.
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| Author: | Tico [ Wed Oct 31, 2012 1:05 pm ] |
| Post subject: | Re: London Taxi Company rescue bid must ignore sentiment: MP |
Has to be the worst value car money can buy, overpriced, under engineered the only thing it have is it's icon status. |
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| Author: | wannabeeahack [ Wed Oct 31, 2012 3:26 pm ] |
| Post subject: | Re: London Taxi Company rescue bid must ignore sentiment: MP |
Tico wrote: Has to be the worst value car money can buy, overpriced, under engineered the only thing it have is it's icon status. it was a dinosaur, but at the same time a protected species |
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| Author: | gusmac [ Wed Oct 31, 2012 5:10 pm ] |
| Post subject: | Re: London Taxi Company rescue bid must ignore sentiment: MP |
wannabeeahack wrote: but at the same time a protected species But for how much longer?  The Red Phone box and the Routemaster bus were "iconic". |
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| Author: | wannabeeahack [ Fri Nov 02, 2012 10:23 pm ] |
| Post subject: | Re: London Taxi Company rescue bid must ignore sentiment: MP |
Q. What was/is the kerbside weight of a TX4? found it 2.5tonne kin el, weigh em in lads! my xlwb sprinter was 22ft long and lighter! |
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| Author: | wannabeeahack [ Fri Nov 02, 2012 10:26 pm ] |
| Post subject: | Re: London Taxi Company rescue bid must ignore sentiment: MP |
Quote: The troubled maker of famous London taxis has been thrown into further turmoil 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 they 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." The company has not made any profits since 2008. |
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