New Caparo deal saves 600 steel jobs

Deal sees the sale of a further 10 businesses to the Gupta family

The administrator of Caparo Industries Group has confirmed the successful conclusion of the sale of substantially all of its remaining businesses and assets.

PwC said the latest transactions involves the sale of a further 10 businesses to the Gupta family, whose interests include the SIMEC and Liberty House groups, saving another 623 jobs.

Matthew Hammond, Midlands region chairman for PwC and Caparo lead administrator said: "We are delighted to have completed the sales, 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.

“This has been a complex and challenging assignment given the size and number of the business operations. Only by working alongside the talented Caparo people have we been able to achieve this result."

In just under two months, the PwC team have completed deals preserving more than 1,100 jobs across the country, but heavily concentrated in the West Midlands.

Russell Farrington, GMB regional officer, said: "This is excellent news for the West Midlands at this time of year, coming up to Christmas. 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 indeed hope they can now enjoy the festivities.

“We have made progress on the energy prices front for the UK steel industry. We now need action on dumping."