Wragge & Co’s Corporate Recovery and Restructuring team has helped secure the future of the iconic black cab. Acting for administrators PwC, Wragge & Co assisted in all aspects of the Administration. The team helped eventually secure the sale of the business and principal assets of black cab maker Manganese Bronze Holdings to Chinese manufacturer Geely.
The deal will secure jobs at the London Taxi International site in Coventry. The agreement also includes retention of the Mann & Overton dealership in London and all related dealership assets.
Partner Julian Pallett and director Jasvir Jootla led a cross-firm team and advised on all matters both in the lead up to the formal appointment of PwC and subsequently. The team included employment partner Martin Chitty and associate Hannah Swindle, Guangzhou-based senior legal adviser Le Rong and director Tom Carver, and experts in dispute resolution, real estate and tax. The Restructuring & Corporate Recovery team continues to advise PwC.
Julian Pallett said: “This was a significant and high-profile deal which secures the future of the black cab. We worked well as a team to give our clients the best advice across a range of specialist disciplines.”
Matt Hammond, lead joint administrator and partner at PwC added that “This was an iconic job delivered with a great Wragge & Co and PwC team effort.”
Grant Thornton and Crowell Moring advised Geely.
Manganese Bronze Holdings is the Coventry-based manufacturer of the iconic black cab and parent of The London Taxi Company. More than 100,000 taxis have rolled off the Coventry production line since 1948. The London Taxi Company is also the largest wholly British owned car manufacturer producing around 2,700 vehicles per annum. It is a long-standing client of Wragge & Co.
Wragge & Co’s Corporate Recovery and Restructuring team provides a partner-led service delivering high-quality legal advice delivered at speed. Bringing a commercial and pragmatic approach to deals, the team advises insolvency practitioners, banks, ABL lenders, corporates, private equity companies and public bodies on a full range of domestic and cross-border restructurings and recovery instructions.