London black cab maker bought by China's Geely

Black cab manufacturer Manganese Bronze has been bought by China’s Geely Automobile Holdings, its administrator said this morning, in a deal thought to be worth around £11m.

PricewaterhouseCoopers said the deal will safeguard the production of the iconic taxis in the UK.

Chinese Geely, which owns 20 per cent of the firm, said this morning it would continue to assemble the TX4 model at Manganese Broze's plant in Coventry.

"The Midlands automotive industry is benefiting once again from new overseas investment and the London Taxi Company can now move forward with the added boost of Chinese investment in this UK business," Matthew Hammond, lead joint administrator and partner at PwC, said today.

Manganese Bronze went into administration in October.