Manganese Bronze, the company responsible for producing London's iconic black cabs has gone into administration, with PwC believed to be appointed to oversee the process.

The announcement was made in a notice to the London Stock Exchange and follows a disastrous few months for the taxi company.

Earlier this month, the company was forced into a recall of close to 400 of its latest model, the TX4, due to the discovery of a default in the newly-designed steering box, provided by a new supplier.

At the time, the company had warned that the problem would have 'a very material and detrimental impact on the group's cash flows' and so it has proved as less than two weeks later the company has announced it could no longer continue as a going concern and it is understood will appoint PwC as administrators.

In a statement, Manganese Bronze Holdings said: 'A speedy resolution of the product recall announced on 12 October 2012 relating to the discovery of a steering box fault remains the top priority for the group and will continue to do so throughout the administration process.

'The board remains hopeful that the fundamental strengths of the company, the TX4 model and its global reputation will provide the platform for a successful business in the future.'

In August, it was also revealed that Manganese Bronze had made significant accounting errors, resulting in historical losses for the Coventry-based company of around £3.9m.