Liberty House recently steeped in to save metal stamping and robotic assembly specialist CovPress. The manufacturer has an incredible 120 year history and supplies an array of parts to automotive companies such as Jaguar Land Rover and Nissan. Sadly the business collapsed last year and entered administration in September, putting hundreds of automotive jobs at risk of being lost.
CovPress was bought after Liberty House made a deal with the administrators. The news has been very well received because it will save the 740 automotive jobs at the 355,200 square foot facility in Coventry. The business will be renamed Liberty Pressing Solutions.
When asked about the reason behind the purchase Liberty House reported CovPress was a strong strategic fit for them, coinciding with their existing operations in the automotive industry in the UK. The move could prove to be inspired, particularly with fears that prices for parts made outside the UK could rise due to the weakness of Sterling. More manufacturing in the UK could give automotive companies access to great cost savings.
Over the last few years Liberty House has stepped in to save a number of businesses in the West Midlands. In 2015 they bought parts of Caparo, an engineering group that collapsed with £160million in debt. They followed this up in 2016 by purchasing parts of Tata Steel. In total Liberty House Group has 17 engineering business in the region.
Additional investment is expected at the new Liberty Pressing Solutions to help make the business sustainable and profitable again. Strengthened financial management is also expected.
At John Gibson Associates we normally focus our articles on discussing the creation of new automotive jobs due to successes and opportunities in the sector. It is nice to also be able to talk about companies with such a long history and a large workforce being saved. The prospects for the future are fantastic too.