600 more jobs secured at Caparo steel
12 December 2015
A further 600 jobs have been saved at collapsed Black Country steel firm Caparo, said administrators.
The majority of the remaining businesses and assets have now been sold - saving 1,100 jobs, said PwC.
The Gupta family has bought a total of 10 Caparo businesses in recent weeks.
Administrators were called in on 19 October to sell off 16 firms in the Caparo Industries group. A buyer is still being sought for part of the Caparo Precision Strip business.
A total of 170 jobs have already been saved at this branch, based at the Trident Steel Works in West Bromwich, after it was bought by Gupta-managed Liberty House.
Robert Moran, partner at PwC, said the "sale of the remaining Caparo businesses to the Gupta family" had preserved a further 623 jobs for Caparo employees.
He said the Gupta family had "long-term investment aspirations for the Caparo businesses".
Russell Farrington, regional officer of the GMB union, said: "This will hopefully put workers' minds at rest at this uncertain time.
"It has been a worrying few months for the workers that are left at Caparo and we hope they can now enjoy the festivities."
In October, Caparo announced 452 jobs were to go across the country, including 300 in the West Midlands, after it entered administration.
Liberty secured nearly 350 jobs after buying up the Caparo Tubular Solutions arm in Oldbury at the end of November.