Caparo CEO Commits Suicide; Company Close To Bankruptcy
In 2014, Caparo announced plans to develop an even lighter and more powerful version of the T1. Dubbed T1 Evolution, It was supposed to receive an updated chassis and drivetrain, and a 700-horsepower engine. As enticing as that may sound, the T1 Evolution might not see the light of day as the company is on the verge of bankruptcy and its chairman committed suicide.
According to The Guardian, Caparo’s chief executive Angad Paul, has died after falling from his penthouse flat in London last week. The 45-year-old businessman was pronounced dead at the scene. His death comes as Caparo, a steel company that also owns Caparo Vehicle Technologies, has filed for bankruptcy and laid off hundreds of employees.
It’s believed that Caparo’s current difficulties and uncertain future pushed Angad to commit suicide.
Caparo was founded by Lord Swraj Paul, Angad’s father, in 1968. Angad Paul took over in 1996. Caparo Vehicle Technologies was established in 2006, when Caparo acquired Freestream, a British company that provided advanced technology development, materials engineering, and design services to automotive, motorsport and aerospace markets. Freestream was originally founded by Graham Halstead and Ben Scott-Geddes — two engineers that worked on the McLaren F1 project.
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Why it matters
In an era in which most manufacturers think more about profits than anything else, seeing a company such as Caparo go under is really sad. Sure, the T1 had several issues and was far from perfect, but it was the closest thing to a Formula One racer on the market. The T1 was unique and the T1 Evolution promised to take things up a notch. Unfortunately, with Caparo under administration and without a CEO, the Evolution might never happen. All we can do is hope that some other company steps in to save Caparo Vehicle Technologies so that the firm will be able to continue the development of the T1 Evolution.
Caparo T1 Evolution
Read our full review about the Caparo T1 Evolution here.