The Hartlepool assets of Caparo have been sold.
Administrators acting for the firm have announced the sale of substantially all of the remaining businesses and assets of the UK-wide Caparo Industries Group, including those in Hartlepool.
It includes the assets of the town site in Brenda Road and the transfer of one remaining member of staff.
This latest in a series of major transactions involves the sale of 10 businesses to the Gupta family, whose interests include the SIMEC and Liberty House groups. This follows another series of transactions between the Gupta family and administrators from PwC two weeks ago.
Matthew Hammond, Midlands Region Chairman for administrators PwC and Caparo lead administrator said it had 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.
“Throughout what has been a difficult time, PwC has remained committed to achieving the goals of the administration: to keep the business going and find the best solution for staff and creditors. In particular the supply chain can also now look forward to 2016 with a good deal more certainty with these businesses in the hands of an experienced investor across these sectors. We thank the customers and suppliers who have supported the businesses over the last eight weeks. “
In just under two months, the PwC team have completed deals preserving over 1,100 jobs across the country, but heavily concentrated in the West Midlands. This latest deal preserves 623 jobs across nine locations.
But in Hartlepool, it was announced in October that the plant – which made parts from steel for the petrochemical, offshore and automotive industries – was closing with immediate effect and 79 people were losing their jobs.