Tue, 24 Nov 2015 | ADMINISTRATION
Wrexham business Caparo Wire has been sold out of administration to Rcapital, PwC has announced.
Caparo Wire specialises in the manufacture of high quality galvanised and engineering steel wire. It began in 1971 under the name Wrexham Wire and the administrators at PwC revealed that it would now revert to its original trading name.
The business is part of the Caparo Industries Group, which went into administration in mid-October, resulting in redundancies for 452 of its 1,700-strong workforce across its 16 companies. However, 76 jobs were saved last week when Caparo Testing Technologies was sold, and the sale of the steel wire part of the business will reportedly save a further 79 positions.
Turnaround investor Rcapital has bought Caparo Wire for an undisclosed sum.
Jamie Constable, CEO of Rcapital, which rescued Little Chef in 2007, said: "Despite having been in administration, the business itself is not distressed and was a victim of wider problems in the Caparo group as a result of the issues in the steel sector.
"We are backing a management team that has been pivotal in stabilising the business in recent weeks and are confident that with ongoing stakeholder support we will create a profitable and sustainable business for the future."
Caparo Industries Group in administration
This old established general cash and carry business supplies a wide range of products including foodstuffs, soft drinks, confectionery, pet foods, tools and hardware to retailers, catering trade and the general public. It has been in the same hands...
Firm of contractors, providing reliable and professional road surfacing services for domestic, retail, commercial and local authority works, predominantly in the North West. Every client is treated equally with works ranging from a small private driv...
Excellent local Post Office and fully licensed convenience store situated in this commanding main road trading position in the centre of a well populated residential area.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.