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Manganese Bronze Share Discussion Threads
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|Rescuers restart black cab production
Production of the classic black cab a symbol of British industry will resume on Wednesday nearly a year after the London Taxi Company went into administration and made 136 workers redundant.
The Business Secretary, Vince Cable, will launch the return to full operations at the Coventry factory.
The company, founded in 1919, was rescued by Li Shufu, of Shanghai-based Geely Automotive, and Volvo, in February for £11.4m. The Chinese businessman has pledged £150m for development of new models, including innovative ultra-low emissions taxis.
After rehiring 15 members of the former workforce, LTC has spent the past six months modernising its brand.
The strategy is to build long-term relationships with UK taxi owners, the self-styled "Gucci drivers", who like to upgrade cabs every three to four years.
Peter Johansen, vice- president of Geely UK's black cab operation, said: "Customers are already responding. We've taken orders for 200 vehicles to Saudi Arabia and another 200 vehicles to Australia."
|A good deal for Geely and the Board...|
They have bought to assets for £11m which have been placed in a newco. That means the creditors in the oldco. have lost money and there is nothing for the shareholders. A good deal for Geely. Just as I predicted months ago.|
|But I did chuckle!|
|There ought to be an investigation into the Board and Geely....was it a delibrate ploy to send MNGS into a slow death admin hence they didn't support the RI when price was around 50p....if the assests are good for them now then why didn't they just buy the company when the shares were still traded?....|
|Financial Times: Manganese Bronze, maker of London "black cabs", has been sold to Geely, the private Chinese carmaker that already owns Volvo, for £11 million.|
|No it isnt iNside...The guy is that picture was on ADVFN...He was called Harry Punter.|
|I hear this is our old friend JakNife
|Good for Eco City ?
|Tell tale signs were there when the very recent results date was postponed for the second time.....would anybody now really believe those numbers?....|
|Hindsight is wonderful innit? Foresight is better
post 866 12 August 2010|
|As predicted the administrators are to appointed.|
|The board are having a laugh....Olympics was the kiss of death....
The question somebody ought to be asking is when was the board aware of the gearbox problems?....this is a case of entire board failure...
The Board remains hopeful that the fundamental strengths of the company, the TX4 model and its global reputation will provide the platform for a successful business in the future.|
|The question you have to ask is... what does Geely gain from pumping more money into Manganese Bronze?
Losing market share to Eco City, and next year Nissan and maybe other manufacturers will enter the market.
Geely thought it could sell the iconic design in China and also other countries, as well as reduce manufacturing costs by leveraging its expertise in car & parts manufacturing in China. Both of which have been exposed as not very successful.
So while they have already ploughed so much into Manganese Bronze, are they willing to invest even more? Is it a case of throwing good money after bad if they do?
The only upside is distribution of Geely cars into the UK. But lets face it, Manganese Bronze don't really have a big consumer facing dealer network, and their marketing expertise is not to general consumers, but to cabbies. Very B2B type model rather than B2C.|
|Does MNGS have a case against that Chinese company that supplied the parts?..
What chance they do an RI and Placing shares at 10p whereby Geely takes the Placing shares and RI shares thus increasing their stake in the company....|
|Can't really argue with the history, I wasn't ever saying that there were no problems. The company has been mismanaged like no other I've seen, how heads haven't rolled, I do not know. The business has a future if it were properly managed and funded. I hope they sort it out, especially for the 100+ employees who are not at fault here. Inject some cash, develop the product and change the leadership. I would have thought the high brand awareness is worth the relative peanuts that it would cost to control, but letting it die won't help anyone bar the competition.......|
|Adorran Your post 1035
Nothing to do with hind site.
As a taxi operator for over 30 years I have made over a dozen visits to the factory to meet with directors, management and shop stewards.
Also as a member of the TGWU Unite Union vehicle design group I have been involved since the 1990s in persuading the company to make improvements to the vehicle - puting the most used switches in the most inaccessible places was one of their ill thought practices which we corrected. We got them to get rid of the glass passenger partition and replace it with attack proof poly- carbonate and modify the dashboard over the luggage area to accomodate larger suitcases.
This company were proud of the metal presses dating from 1939 when they bashed out panels for armoured personnel carriers but still in use they bashed out ill fitting body panels and should have been replaced long ago.
I gave up visiting them when they introduced the TX4 because they had continued thier practice of scouring the bargain buckets of the motor trade for parts. Miss-matching as I saw it engines from Italy Gearboxes from Austria and the number of parts which seemed to continue to come from old lines of Land Rover, Ford Sierra, etc. was not what was necessary for an intensely used commercial vehicle.
I last met with the factory's shop stewards before the summer. They were concerned for the jobs of the workforce and were talking on behalf of both the workforce and the management who at long last wanted to listen to drivers to find out why they were not buying the product. If they had listend to drivers over the last 20 years they would still be a thriving business but my view of the management is I wouldn't have them run a church fete stall.
This latest problem is likely to be due to their mentality of reaching for the bottom priced part. The steering of a taxi is a masterpiece of engineering but the extreme turning circle causes much more strain on the power steering box. It needs to be of the highest quality not Chinese junk.
They could easily retro fit the previous steering box and get all these drivers back on the road but they have to be ot of money. You cannot loose money year on year, have doubtful accounting and stockpile unsold vehicles and still have a long term financial future. They don't even have a short term future in my opinion.
I missed out on the spectacular 2007 rise in this company's price to £8 because I could not see the value in the company that others were aparently seeing. Directors cashing in their options at the same time told me they didn't believe it either.
Drivers are hanging on to their TX1s with the Nissan engines because they had reliable engines so I think Nissan will quickly take the whole share of the market that London Taxis International once had because Nissan already have a good name. I think that the conversion of Peugeots and Fiats is also under threat from the Nissan but do your own research, I have no inside information on Nissan.
I hope Nissan will build a British version in Coventry which has long been a centre for vehicle engineering skill and is where other conversion taxis are already made.
MNGS - RIP|
|I'm told that MBH and Geely board members met in London this afternoon and are due to meet again in the morning. Either way, it'll surely be the last thing the MBH guys do before being shown the door!
Agree with you about TATA, that would be a real result. Geely end up walking away then someone will get a bargain. Yes, the product needs a lot of development, but it would be a very cheap way into a worldwide brand.....|
|It will depend on how well the board negotiate the survival with Geely.....I still think TATA should get involved here....they turned around Jaguar in UK and are well suited to make inroads into the Indian market...
Any news on Geely Executives arrivng in UK as per the w/end media report?...|
|You're right in saying that, but they're also wanting to break into the UK car market soon. They will not want to be seen as the company who introduced the manufacturer of the dud parts then sat back and let their British joint venture partner go to the wall only to pick over the bones. Unless there was huge financial benefit in going down that route then they'll try and avoid it - and there just isn't any huge advantage.|
|Have you thought that through Adorran? What exactly do Geely lose from letting it go under? Now what do they gain? On the one hand they win, on the other hand they win a little more.|
|Let it go under and Geely kiss goodbye to the £20M they're owed. They'll get control for next to nothing and keep the debt on the books. Someone needs to carry the can for this mess though - this has been grossly mismanaged.|
|Just a thought that maybe Geely have been playing it all along....if I remember correctly just few years ago the board wanted to raise money via RI when price was around 50p but Geely was not interested at the time....|
|Surely they've got everything to gain from administration? They'll get rid of the pesky shareholders and hence get complete control!|