The future of the iconic black cab is looking a lot brighter after a solution to the steering fault, affecting the latest model, has been found.

PwC was appointed administrator to Manganese Bronze - parent company of LTI, who produce the taxi cabs - in October and made it clear at the outset that developing and testing a solution to the defective part of the TX4 model was their primary task.

Working with Transport for London (TfL), the Licensed Taxi Drivers' Association (LTDA), other drivers' organisations and the Vehicle Certification Agency (VCA), the firm was able to find a supplier within the UK to provide a 'rapid replacement' of the faulty steering boxes.

Matthew Hammond, PwC partner and joint administrator, said: 'The company's employees will be part of a massive effort to begin fitting the new UK-supplied steering box to the recalled fleet within the next 48 hours.'

He added: 'I hope that within a matter of weeks we will have addressed the main difficulties faced by drivers and the under-supply of vehicles to the London black cab market. We are working to get taxis back on the road as quickly as possible but clearly, with the large number of vehicles affected in London and also in the regions, this work will take several weeks to complete.

'The support of the Group's management, employees and unions has been outstanding and a critical factor in getting to this stage. We are grateful for their ongoing support and resolve, and we all remain focused on securing the future of the company.'

PwC expect the process of replacing the steering box to be completed by 14 December and hope to release 500 - currently unregistered - vehicles into the market early next year.