Borwicks cut Managanese links
THE Borwick family has ended more than 40 years' association with black-cab maker Manganese Bronze by selling its near-40% stake for £15m.
The sale comes after former chief executive and chairman Jamie Borwick tried to unseat the current chief executive.
Manganese Bronze chairman Tim Melville-Ross said the placing would widen the shareholder base and improve liquidity, making the company a more attractive to investors.
The Borwick family held some 7.2m shares in the firm, which makes the taxis at is plant in Coventry. The company, which has expanded assembly into Mexico and sells the vehicles throughout Latin Ameria, has sold more than 100,000 cabs since beginning production in 1948.
Shares in Manganese Bronze - the name comes from the firm's Victorian roots making ship propellers - rose 15 1/2p to 225 1/2p.
