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
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