Fri, 11 Dec 2015 | BUSINESS SALE
Administrators have confirmed that they have sold 10 businesses from under the Caparo Industries umbrella.
PwC were called in to handle the administration of Caparo back in October. The firm is thought to have failed after struggling under the pressure of cheap Chinese imports and high energy costs.
Now the Gupta family have stepped up to buy the remaining parts of the Caparo group out of administration, saving more than 1,000 jobs at the company.
Matthew Hammond, Midlands region chairman for PwC and the lead administrator for Caparo, commented: “It is great news for the Midlands and the key manufacturing sites, particularly with so many skilled staff in these industries being given security at this time of year.”
The deal will mean that 623 jobs can be preserved across nine of the business' locations, although the majority of these positions are located in the West Midlands.
Sanjeev Gupta, managing director with Liberty House Group, spoke to Wales Online about the acquisition, which he described as a chance to acquire “the cream of British engineering expertise”.
He added: “These businesses contain some world-leading knowledge and skill that has the potential to contribute to a significant engineering revival in the UK.”
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