"We've had tremendous support but at the end of the day the directors felt that we just couldn't accept the terms we were being offered."
Geely, the Chinese owner of Volvo with a 20pc stake in Manganese along with bankers Lloyds and HSBC, offered a variety of solutions but the board felt the balance sheet and the state of the market would be unable to cope with the terms tied to a £10m facility.
Mr Russell said that Geely had been "very supportive" and had provided £18m-£19m for the business. Geely also makes the black cabs for international markets while domestic production is concentrated at Coventry where almost 300 workers now fear for their jobs.
Boris Johnson, the Mayor of London, last night promised to try and help drivers affected by the recent vehicle recall. Rival Eco City Vehicles which has taken 38pc of the cab market with its Mercedes Benz product in the first six months this year also said it was ready to help.
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