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Sanjeev Gupta’s GFG Alliance sells two car parts factories in England
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Sanjeev Gupta’s GFG Alliance has sold two aluminium parts factories after carmaker Jaguar Land Rover (JLR) stepped in to secure a vital part of its supply chain.
Evtec, an automotive supplier based in Coventry, will take over Liberty Aluminium Technologies casting plants in Coventry and Kidderminster in the West Midlands, saving 170 jobs. However, GFG is closing a site in Witham, Essex, with the loss of 64 jobs.
GFG has gone through months of restructuring since the collapse of its key lender, Greensill Capital, in March. The collapse prompted Gupta to rush to find new lenders to finance his businesses, while also looking at asset sales and dealing with potential criminal investigations in the UK and France. It is understood Evtec paid more
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