More than 600 jobs have been saved in the West Midlands after administrators struck another rescue deal for troubled engineering group Caparo Industries.
The Gupta family, which runs business such as Simec and Liberty House, has acquired substantially all of the remaining businesses and assets of the group which had not already been rescued.
Ten group companies have been bought, meaning 623 jobs have been saved - all but one of which is based in the Black Country and Leamington Spa.
This is the fourth separate deal struck by administrators at PwC and brings the total number of jobs saved to 1,111.
Last month, the Gupta family also acquired Caparo Tubular Solutions in a deal which secured 333 jobs.
Matthew Hammond, Midlands chairman for PwC and lead administrator, said: "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.
"The supply chain can also now look forward to 2016 with a good deal more certainty with these businesses in the hands of an experienced investor across these sectors."
Caparo is an industrial group involved in the forging and pressing of metal products for aerospace, automotive and other industries as well as the production of fastenings, wire, tubes and other products.
It was founded by Lord Swraj Paul of Marylebone and more recently run by his son Angad but he was found dead outside his home in London last month.
PwC continues to trade part of Caparo Precision Strip, with 37 remaining employees, and is still seeking a buyer for the final remaining business.
It was appointed administrator of 16 group companies on October 19.
