Manganese Bronze Holdings was reported that Geely would increase its shareholding in Manganese to 51% through participation in a placing of new shares. In August 2010 it was announced that Geely had decided not to proceed with the share placement and its shareholding in Manganeze would remain at just under 20%. In November 2010, LTI changed their trading name to "The London Taxi Company" to reflect the company's core business. Manganese entered administration on 22 October 2012 after failing to secure additional funding; PricewaterhouseCoopers (PwC) were appointed as the administrator. On 31 October PwC announced that 156 Manganese staff in the UK were
TX4 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 had not reported any profits since 2008. On 30 October 2012 Manganese Bronze Holdings went into administration, and on 31 October 2012 PricewaterhouseCoopers, the administrators, shed 156 jobs at the Coventry head office and production line, and other jobs at various dealer outlets around the country including London. Production at the Coventry site resumed in September 2013, ownership of the assets formerly owned by Manganese Bronze Holdings having now passed to a new company, The