Wragge & Co has won a lead role alongside Gateley on the administration of Manganese Bronze, the stricken company behind London’s world-famous black cabs.
The Coventry-based maker of the iconic taxis filed for administration late last month, with PricewaterhouseCoopers partners Tony Barrell, Matthew Hammond, Ian Green and Mike Jervis appointed to oversee the case.
The company has been making a loss for the past four years and in 2012 has been hit by accounting errors and a recall of over 400 vehicles following a steering box fault.
Wragges London restructuring partner Julian Pallett, London corporate partner Richard Haywood and Birmingham-based director Jasvir Jootla are advising the PwC partners. Gateley is advising the company’s pension trustees.
The administrators announced 156 redundancies last week. The company is 20 per cent owned by China’s Geely International and had been attempted to obtain a loan from the investor to keep it going.
Background to this deal:
Previous advisers to Manganese Bronze including Simmons & Simmons, where Chris Wilkinson advising it on a licence agreement with Computer Cab for a mobile phone taxi hailing system eight years ago (6 December 2004). The group has also instructed legacy Martineau Johnson, now SGH Martineau, and Squire Sanders legacy UK firm Hammonds in the past (16 December 2002).