Black Cabs Face End in London
The makers of London's iconic black cabs have been faced with financial crisis and may have to end production.
Coventry-based manufacturer Manganese Bronze, which makes the London taxi, is in trouble and said it was calling in insolvency administrators.
The historic makers of the black cabs announced the news after it failed to secure a loan from a key shareholder, Chinese carmaker Geely, according to the Daily Mail.
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Manganese Bronze added that it was appointing administrators over failing "to secure funding on acceptable terms to address the group's financial needs," reported CNN Money.
London's distinct black cabs are permitted to pick up passengers in the street, where rival mini-cab services have to be booked in advance.
It is uncertain if black cabs will be produced along the assembly line at Manganese Bronze as the loan from China failed to come through, but the group said it is "remained hopeful."
The failed loan is not the first problem Manganese Bronze has faced recently. The manufacturer has been losing money for years, and making matters worse, was forced to recall hundreds of London taxis earlier this month over faulty steering wheels.
Chinese carmaker Geely has a 20 percent stake in Manganese Bronze. They also own Sweden's Volvo.
In addition to the uncertain future of black cabs, hundreds of jobs are at risk.
Taxis made by Manganese Bronze have been on the streets on London since 1948, according to the U.K.'s ITV.
The possible loss of the historic black cab has many people talking to social media sites on Tuesday.
Twitter user Nick wrote, "Oh no! The company that manufactures London's black cabs is going in to administration! Is this the end of the black cab as we know it?"
"Save the black cabs," wrote Didier.
