The manufacturer of the TX4 black cab Manganese Bronze is facing one of its toughest days of trading today following a report in the FT outlining that a liability claim from "at least 800 owner-drivers whose vehicles were pulled off the road last week following 12 unexplained engine fires" could cost the company in excess of £30 million.
Maganese Bronze in the six months to January 31, reported pre-tax profits of £1.5m on turnover of £43m.Financial Times journalist Amanda Vermeulen quotes Maganese Bronze CEO John Russell: "Loss of earnings would be covered the company’s insurance, he said, but drivers were also required to do their best to minimise any losses by sharing cabs or renting replacements."
John Kennedy a black cab driver of thirteen years and columnist at the London Daily News has described the problems with the TX4 likening it to the collapse of Lehman Brothers by saying "this is our Lehman Brothers".
Anger is now being directed towards City Hall for not acting to protect the black cabbies with John Kennedy who has consistently called for the PCO to deal only with black cabs and a new office to deal with private hire, "it is patently clear that the PCO as it stands cannot deal with the concerns and requirements of the black cab community".
Kennedy speaking to BBC London 94.9FM went onto criticise mayor of London Boris Johnson by saying:
"What is Boris Johnson doing? He should call a summit at City Hall to thrash out compensation packages to prevent drivers going to the wall. We are a laughing stock in the world given we are an Olympic city in 2012".
The London Daily News reported yesterday that RNS had not been informed by Manganese Bronze of the problems with the TX4's and any potential liability owed to the drivers by the company.
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