Hundreds of Jobs Saved after as Caparo Tubular Solutions is Acquired in a Deal

Hundreds of Jobs Saved after as Caparo Tubular Solutions is Acquired in a DealSome jobs are saved at the troubled Caparo Tubular Solutions as it has been acquired by the Gupta family that manages the metals groups, Liberty House according to PwC.

The recent sale includes the businesses of Caparo Precision Tubes, Caparo Tube Components and Caparo Accles and Pollock, all based in Oldbury, West Midlands. One of the besses at the union described the deal as a "sliver of good news." It also saved hundreds of jobs in the West Midlands and Blaenau Gwent.

Caparo announced in October that 452 jobs would be lost countrywide including three hundred in the West Midlands, as it entered administration. In the past week, total seventy six jobs were saved in the West Midlands and south of England  as PwC confirmed that Caparo Testing Technologies has been sold in a deal. The total number of jobs saved comes to four hundred and nine in the company.

However, according to PwC, it's difficult to clarify the number of exact posts that were secured in all the locations as some of the staff work in more than a single site.

Chief executive of Liberty House, Sanjeev Gupt said that the inclusion of Caparo tube businesses is "a major complement" to the hot rolled coil production plant that the company owns in Newport, south-east Wales. He said, "I believe that, despite the current difficulties being encountered by the UK steel industry there is a future for the sector in Britain."