Geely Automobile Holdings of China has bought Manganese Bronze, the maker of London's ‘Hackney cab’ taxi, for £11 million.
The purchase by the Coventry-based company’s biggest creditor will safeguard manufacture in Britain and many of the firm’s workforce.
The deal was agreed with administrators PricewaterhouseCoopers, who were appointed last October.
Geely, which acquired Volvo Cars from Ford for $1.8bn in 2010, said today it would continue to assemble the TX4 model at Manganese Bronze’s Coventry factory.
