Black taxi maker LTI sold to Chinese firm Geely

The Coventry based black taxi manufacturer LTI has been sold to the Chinese car maker Geely for £11.4m.

LTI went into administration in October with 99 out of its 176 staff losing their jobs.

The deal includes the "business and the principal assets" of Manganese Bronze Holdings (MBH), the manufacturer of the London cabs.

David Bailey, from Coventry University Business School, welcomed the news, but said significant investment was needed to give the brand a long-term future.