the University of Warwick, while Peugeot still have a large parts centre in Humber Road despite the closure of its Ryton factory (formerly owned by the Rootes Group) just outside the city in December 2006 with the loss of more than 2,000 jobs – denting the economy of Coventry shortly before the onset of a recession which sparked further economic decline and high unemployment. The Standard Motor Company opened a car factory at Canley in the south of the city in 1918, occupying a former munitions factory. This site was later expanded and produced Triumph cars after the Standard brand was phased out by BMC during the 1960s. In August 1980, however, it was closed down as part of British Leyland's rationalisation process, although the Triumph brand survived for another four years on cars produced at other British Leyland factories. The closure of the Triumph car factory was perhaps the largest blow to Coventry's economy during the early 1980s economic decline. The famous London black cab taxis are produced by Coventry-based LEVC (formerly LTI); until its 2017 relocation from the historic Holyhead Road factory to a new plant at Ansty Park a few miles outside the city, these were the only remaining motor vehicles wholly built in Coventry. The manufacture of machine tools was once a major industry in Coventry. Alfred Herbert Ltd became one of the largest machine tool companies in the world. In later years the company faced competition from foreign machine tool builders and ceased trading in 1983. Other Coventry machine tool manufacturers included A.C. Wickman, and Webster & Bennett. The last Coventry machine tool manufacturer was Matrix Churchill which was forced to close in the wake of the Iraqi Supergun (Project Babylon) scandal. Coventry's main industries include: cars, electronic equipment, machine tools, agricultural machinery, man-made fibres, aerospace components and telecommunications equipment. In recent years, the city has moved away from manufacturing industries towards business services, finance, research, design and development and creative industries. This is a chart of trend of regional gross value added of Coventry at current basic prices by Office for National Statistics with figures in millions of British Pounds Sterling: Notes: Components may not sum to totals due to rounding Includes hunting and forestry Includes energy and construction Includes financial intermediation services indirectly measured Redevelopment Major improvements continue to regenerate the city centre. The Phoenix Initiative, which was designed by MJP Architects, reached