PwC administrators to London Taxi Company announce completion of steering fix to recalled vehicles
18 December 2012Follow @PwC_Midlands
The joint administrators are now commencing the second phase of the fix programme. Over 600 largely new and unregistered vehicles, which have come off the production line in Coventry, will see the same new steering replacement system fitted.
This phase of work will be completed at a faster rate than the first as the majority of vehicles are at a single location within a secure compound. The administrators expect that the second phase of the fix will be completed by late February, which will conclude the replacement programme for all steering boxes.
The 12 production employees laid off from the Coventry plant at the end of October have now returned back into full time employment to assist with the ongoing operations of the business.
The administrators remain in advanced, positive negotiations with all bidders that submitted offers in the second round. The deadline for second round bids fell on Friday 7 December and the administrators are currently evaluating offers. Discussions are likely to be ongoing through next week and into the Christmas holiday period.
Matthew Hammond, PwC partner and joint administrator, said:
“I am delighted that all the taxis are now repaired and back on the road. I want to thank the company's employees who have been part of a massive effort to get all the vehicles repaired. They have worked extremely hard to ensure the affected taxis were returned to their drivers as quickly as possible and back on the road before Christmas. It’s been a tough time for all those affected, so it’s pleasing to have completed this phase of works on schedule.
“Throughout this process we have worked closely with the Mayor and Transport for London to provide daily updates on the repairs. Our key suppliers have been enormously helpful and rallied to the cause of helping get the cabs back on the road. There’s a great deal of goodwill towards this iconic vehicle and we are all committed to securing the best outcome for the company. Although it's too early to say definitively, we are hopeful that we will sell the business as a going concern
“The ongoing support of the group’s management team, employees and unions has been unwavering and very welcome.”
Email: Matt Hammond
Tel: +44 (0)121 265 6670