Manganese Bronze Holdings to be made redundant with immediate effect, out of the company's then total of 274 employees in the country, with the losses spread across its manufacturing facility, head office and dealerships. In January 2013, it was reported that Geely was in negotiations to buy the remaining shares of the company from PwC to save the business. A press statement in February 2013 announced that an agreement had been reached for Geely to purchase the remainder of the London Taxi Company's assets, manufacturing rights, unsold stock and dealerships. Geely set up a new company, The London Taxi Corporation Ltd. under its
Manganese Bronze Holdings innovative taxi hailing system using mobile location technology. This was sold to Computer Cab in November 2004 for £1. This was to stem large losses because only 1,100 of London's approximately 21,000 taxi drivers subscribed. Between July 2003 and November 2004 Manganese also sold its property portfolio, including the land under its Coventry manufacturing facility. In October 2006 Manganese and the Chinese automaker Geely announced the creation of a China-based taxicab manufacturing joint venture. An extraordinary general meeting held in January 2007 of Manganese's shareholders approved the formation of the joint venture. In June 2008 Manganese announced the production of