The London Taxi Company, manufacturer of the iconic London black cab, has been sold to Chinese car manufacturer Zhejiang Geely, administrator PwC hase confirmed.

The deal includes retaining the London Taxi Company head office, production and assembly plant in Coventry, the Mann & Overton dealership in London and related dealership assets in Manchester and Edinburgh.

In addition, the goodwill and brand names of the London Taxi Company, as well as shares that parent company Manganese Bronze held in a Shanghai-based joint venture, are also included in the sale.

Most importantly, The London Taxi Company's stock of new and unregistered vehicles together with the fleet of used and demonstrator vehicles are part of the deal with Geely UK - a subsidiary of the Chinese manufacturer.

Matthew Hammond, lead joint administrator and partner at PwC said: 'The last three months has seen an extensive search for a buyer, an accelerated successful programme to return the small number vehicles affected by last Autumn's recall quickly to cabbies in London and across the UK, and the readying of new vehicles for a return to the market.

'I am delighted to announce the completion of this deal which secures a future for the Coventry based manufacturer of the iconic Black Cab. It is great news for London Black cab drivers and operators, for the employees across the dealerships and in Coventry, and for the suppliers who have supported the business. All current MBH and LTI employees will be transferred to the new company.'

PwC was appointed administrator to Manganese Bronze in October, following a recall of 400 of the latest model of the iconic black cab - due to a steering fault.