550 jobs safe as Liberty buys Amtek

LIBERTY has agreed yet another acquisition as the growing industrial business led by Sanjeev Gupta continues its spending spree.

The privately held group has agreed to buy Amtek, the car engine and component manufacturer, out of administration in a deal which will safeguard about 550 jobs.

Amtek has plants in Essex and the West Midlands, supplying automotive manufacturers in the UK and Europe.

Liberty described its latest purchase as having a “strong order book and market leading position” but said it had failed under its debt load and cash flow issues.

Mr Gupta, executive chairman of the Liberty House Group, said: “Despite current challenges, this operation is a valuable asset and a vital part of the UK and EU automotive supply chain.

“We are very pleased to use our resources to rescue this enterprise and enable it to recover and reach its true potential.”

Last year Liberty bought Midlands car parts supplier Covpress out of administration, as the group built up its industrial operations from the foundation it established when it rescued large parts of the collapsed Caparo group.