A Midland taxi manufacturer has been forced to call in administrators after it failed to secure a rescue package.
Manganese Bronze, which has been reporting losses since 2008, suspended trading in its shares earlier this month, saying its financial position was unclear after it discovered a safety defect in its new TX4 black cab that led to a product recall of around 400 taxis and a halt in sales.
The Coventry based company had warned that the recall and sales suspension would have a "material and detrimental" impact on its cashflow.
The company has been hit by mounting losses and a recent accounting blunder that left it with a £4 million hole in its accounts.
Manganese shares were suspended at 10p on October 12 and it said it was working with Chinese partner Geely to fix the steering box fault.
The business’ London Taxi Company arm employs around 400 staff and has 10 dealers across the UK