Reviewed: 20th November 2015
Dozens of jobs have been saved via the sale of a parts testing and inspection business that had been part of Caparo Industries, which was recently forced into partial administration amid a financial crisis.
All but three of 19 distinct businesses that make up the Caparo Industries Group came under the control of administrators in October, with hundreds of jobs put into jeopardy as a result.
But while the future remains unclear for other Caparo businesses, Caparo Testing Technologies has been sold to a company called Applus+, which has an international presence in the testing, inspection and certification industry.
The sale safeguards 76 jobs at the company and its UK operating bases in the West Midlands town of Oldbury, Poole on the south coast, Reigate in Surrey and Luton in Bedfordshire.
The company provides services relating primarily to non-destructive testing of parts used in the fields of aviation and aerospace.
A statement from Robert Moran, one of the administrators appointed to lead the sale of Caparo Industries’ assets and businesses, said: “The sale of Caparo Testing Technologies to Applus+ represents a highly strategic acquisition and demonstrates the quality of this business.
“It is also great news for 76 employees of the Caparo Industries Group. We would like to thank all of the Caparo people involved for their dedicated support in securing this transaction.
“We continue to hold advanced and encouraging discussions with a number of parties around the sale of remaining Caparo Industries Group companies.”
Caparo Industries employed a total of around 1,700 people prior to its entry into partial administration last month, with the organisation among those adversely affected by falling global steel prices.
Several thousand jobs have been lost in the UK’s steel industry over the past six weeks, with steel production facilities in the north east of England and in Scotland having been closed down as an increasing number of employers in the field struggle to stay in business.
Speaking shortly after Caparo was entered into partial administration, the UK shadow business secretary Angela Eagle described its near collapse as “a further blow to the steel industry”. With 75 offices stretching from Inverness down to Exeter, Real Business Rescue can offer unparalleled director advice across the UK.
16th September 2019
There was around a 25 per cent increase in the number of restaurant businesses entering insolvency over the course of the year to June 2019, according to the latest figures on the subject.Read More