Angad Paul, who ran global conglomerate Caparo Industries, founded by his father billionaire Lord Paul, plunged to his death on 7 November. This could be as a result of the company being on the brink of a collapse amid the UK steel crisis.
The 45-year-old, fell from his eight-storey property in central London. Emergency services reached the building beside his home in Portland Place, Marylebone, on the morning of 8 November after he was seen lying on the roof.
He had made an attempt in creating the world's fastest road-legal supercar, the £800,000 Caparo T1. He was also an executive producer on various films such as Guy Ritchie's gangster hit Lock, Stock and Two Smoking Barrels. Paul had also formed an upmarket furniture brand Established & Sons by partnering with Stella McCartney's husband Alasdhair Willis.
About a week back, it was reported that Pricewaterhouse Coopers, the administrator of Caparo Industries, announced that it would close four of its businesses immediately. These included - Fairbright Wire, Caparo Tubes Tredegar, Caparo Atlas Fastenings in Darlaston, and Caparo Forging Europe in Dudley and Hartlepool.
On 19 October, the London-headquartered steel and engineering products company went into administration, with PwC being appointed for the role for 16 of its businesses. PwC has tried to restructure the businesses or sell those divisions that are considered viable.
The UK has been witnessing a steel crisis as the industry faces intense pressure due to cheap Chinese imports and higher energy costs compounded by environmental levies and the sterling's strength. This has resulted in job cuts and restructuring across the industry.
It was reported in mid-October that Tata Steel was cutting about 1,200 jobs across its Scunthorpe and Scotland plants. Also in early October, SSI UK went into liquidation after it announced closing one of Britain's biggest steelmakers in Redcar, resulting in 1,700 job losses.
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