By Daniel Hunter

Manganese Bronze Holdings PLC, the manufacturer of the world famous London taxi, has called in administrators Grant Thornton after saying it is no longer a going concern.

Discussions with various parties to secure funding on acceptable terms to address the group's financial needs have proved unsuccessful.

Manganese Bronze, which employs 300 people, earlier this month also stopped sales of its new TX4 model.

The problem affects the vehicles' power steering and arose in a new design for the box, sourced from an unnamed new supplier since February.

The company said it had not put anyone in danger but "in extreme cases, it could affect the ability to steer the steering wheel".

It said in a statement that "the Board remains hopeful that the fundamental strengths of the company, the TX4 model and its global reputation will provide the platform for a successful business in the future".

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