Technical glitch leads to substantial financial loss for London taxi manufacture, amounting to £3.9 million.
Manganese Bronze Holdings Admits to Financial Discrepancy Due to IT System Error
Manganese Bronze Holdings, the London black cab manufacturer based in Coventry, has admitted to a financial discrepancy due to an error in its supply chain IT system. The company, which was acquired by Geely in 2013 and restructured as the London Electric Vehicle Company, has not disclosed the supplier of the IT system in question nor revealed whether it will continue to use it.
The IT glitch, which occurred between the years 2010 and 2011, led to an over-statement of stock and under-statement of liabilities in the financial statements of previous years. This financial discrepancy is estimated to have resulted in an understatement of financial losses by £3.9 million.
The issue was disclosed in a statement issued by Manganese Bronze Holdings, which also mentioned that the company has decided to postpone the reporting of its latest financial figures. Since the start of the year, Manganese's shares have lost a fifth of their value, dropping from 25p on Monday to 16p on yesterday's close due to the news.
The company warned investors about difficult trading circumstances in the first half of the year. However, there is no publicly available recent update on an IT system error causing financial losses specifically at Manganese Bronze Holdings. The provided search results do not mention any such incident or ongoing financial issues related to IT system errors at that company.
While there are mentions of cyber espionage campaigns, vulnerabilities in IT systems generally, and industrial advisories in 2025, none are directly linked to Manganese Bronze Holdings or financial losses there. It's important to note that if you are referring to a specific recent news event, it may not be covered in the indexed search results or may have occurred after the latest publicly available information.
For context, Manganese Bronze Holdings was acquired by Geely in 2013 and restructured as the London Electric Vehicle Company, continuing production of London black cabs under Geely's ownership. There is no publicly available recent update on any such incident or ongoing financial issues related to IT system errors at that company.
- Despite the IT system error causing a significant financial discrepancy in the past, it remains unclear if Manganese Bronze Holdings will upgrade to a more reliable technology system for their financial management in the future.
- Given the impact of the IT system error on their financial statements, it is crucial for Manganese Bronze Holdings to strengthen their relationship with the technology and finance sectors, ensuring a more robust system and accurate financial reporting moving forward.
