Eighty-nine jobs have been saved at Leamington brake firm Caparo Vehicle Technologies (CVT) following a takeover by the Gupta family.
However, the takeover is believed not to have saved all of the jobs at the firm, as 140 staff members originally worked for CIV before administrators Pricewaterhouse Coopers (PwC) took over the running of company in October.
The Gupta family also bought nine other divisions of steel manufacturer Caparo Industries, the parent company of CIV, saving 623 jobs in total across the Midlands.
Matthew Hammond, Midlands Region Chairman for PwC and Caparo lead administrator said: “We are delighted to have completed the sales, it is great news for the Midlands and the key manufacturing sites, particularly with so many skilled staff in these industries being given security at this time of year.
“This has 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.”
Robert Moran, partner at PwC leading the Caparo sales process, said: “We are delighted to announce this latest transaction.
“Alongside those previously announced, it represents a successful outcome and continuity for a number of businesses.
“Our process to sell the Caparo businesses extended to over 350 interested parties, and we are delighted to transfer the businesses, assets and staff through to a new investor with significant experience and plans to invest further in the steel, engineering and vehicles sectors.”