Caparo: Nearly 80 jobs at troubled steel company saved in deal

The UK steel industry has been under pressure with jobs lost in other parts of the UK

Nearly 80 workers from troubled steel company Caparo will keep their jobs after part of the company was sold off.

Caparo Testing Technologies has been sold to Applus+, administrators PwC confirmed, saving 76 jobs in the West Midlands and the south of England.

Caparo announced the loss of 452 jobs at plants across the country, including 300 in the West Midlands, after entering partial administration.

Talks are ongoing for the sale of other parts of the business.

Caparo Testing operates in Oldbury in the West Midlands, Reigate, Luton and Poole.

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PwC partner Robert Moran, who is leading the sale of 16 companies in the Caparo Industries Group, said the "highly strategic acquisition" was "great news" for the 76 employees, adding other parts of the company could also be bought by new investors.

He said: "We continue to hold advanced and encouraging discussions with a number of parties around the sale of remaining Caparo Industries Group companies."