Manganese Bronze FD quits

THE Finance Director of struggling Black Cab manufacturer Manganese Bronze has resigned from the firm.

Mark Fryer, who was also Business Development Director at the Coventry-based firm, announced he was quitting after eight years to take up a new position outside the company. He has also stepped down from the board of directors.

John Russell, Chief Executive of Manganese Bronze, in a statement to shareholders, said: “Mark Fryer has resigned to embark on the next stage of his career having made significant contributions in his eight years with the group, most notably leading the negotiations of the JV agreement with Geely Group.

“We thank Mark for the skill and effort he has applied to the benefit of Manganese Bronze and we wish him well for the future.”

The company said Tony Pearman, Group Financial Controller, would assume Mr Fryer’s responsibilities on an interim basis.

The company has struggled during recession with sales of its iconic vehicles slowing. In a major restructuring of its operation, production in Coventry has ceased and switched instead to an assembly-only operation with parts being manufactured in China.

The move is likely to yield savings of around £1,500 per vehicle.

The company is also developing closer ties with its Chinese partner Geely, including a major placing which will see the new owner of Volvo become the major shareholder in the firm.

Geely is also developing a version of the vehicle for sale in China and Asia.

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