Tue, 24 Nov 2015 | ADMINISTRATION
Wrexham business Caparo Wire has been sold out of administration to Rcapital, PwC has announced.
Caparo Wire specialises in the manufacture of high quality galvanised and engineering steel wire. It began in 1971 under the name Wrexham Wire and the administrators at PwC revealed that it would now revert to its original trading name.
The business is part of the Caparo Industries Group, which went into administration in mid-October, resulting in redundancies for 452 of its 1,700-strong workforce across its 16 companies. However, 76 jobs were saved last week when Caparo Testing Technologies was sold, and the sale of the steel wire part of the business will reportedly save a further 79 positions.
Turnaround investor Rcapital has bought Caparo Wire for an undisclosed sum.
Jamie Constable, CEO of Rcapital, which rescued Little Chef in 2007, said: "Despite having been in administration, the business itself is not distressed and was a victim of wider problems in the Caparo group as a result of the issues in the steel sector.
"We are backing a management team that has been pivotal in stabilising the business in recent weeks and are confident that with ongoing stakeholder support we will create a profitable and sustainable business for the future."
Caparo Industries Group in administration
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