A company which employs nearly 100 people in Hartlepool has gone into administration.
Caparo Industries, which has a site in Brenda Road, has appointed a joint administrators’ team from PwC. More than 1,700 people across the group were being briefed on the impact of administration.
A company statement said staff were attending work as normal and will be paid – so it was business as usual while the administrators’ review gets underway.
Matt Hammond, lead administrator and partner at PwC, said: “This is a significant business with a wide range of interests across steel, engineering, vehicles products and technologies. Its scale and reach into significant customers and its importance to suppliers cannot be understated. We will be rapidly assessing all options for the businesses through this week and beyond.”
He added: “The impact of steel prices and exchange rates has had an impact on some parts of the Caparo Industries group. However there are businesses in the group that are not directly affected by steel prices, and likewise many where there is both strong customer demand and critical supplier support.
“Our focus for the next 36 hours is on briefing staff across the group and working closely with their management teams to ensure that every opportunity for these businesses is considered.
“We will be working with all parties to ensure the best outcome for all creditors of each business.”
The Mail was told by PwC that the Hartlepool plant is among those affected.
It is understood to employ 94 people in town.