Son of Lord Paul, the billionaire steel magnate, plunges to his death as the family business collapses


Son of Lord Paul, the billionaire steel magnate, plunges to his death as the family business collapses

Angad Paul fell from his family's eight storey property two weeks after Caparo Group was forced into administration

Angad Paul and wife Michelle
Angad Paul and wife Michelle 
The son of a billionaire peer has died in a fall from his penthouse home two weeks after his family's leading steel company was forced into administration.
Angad Paul, 45, is said to have suffered catastrophic injuries after plummeting from the eight storey property in
central London.
Angad Paul, second right, pictured with his parents and wife MichelleAngad Paul, second right, pictured with his parents, Lord and Lady Paul and wife Michelle
The father-of-two was the youngest son of Lord Paul, 84, billionaire steel magnate and one of the UK's wealthiest men.
The businessman was CEO of the Caparo Industries subsidiary of Caparo Group, having taken the reins from his father in 1996.
But the strain being placed on Britain's steel industry had dealt the company a hammer blow in recent months.

The business, which has about 20 sites in the Midlands as well as operations sites in India and the US, filed for administration two weeks ago, with the loss of 450 jobs and doubts over a further 1,200. as pressure on the steel industry intensifies.
It had buckled under the combined strain of competition from cheap imports of Chinese steel, high energy prices, onerous business rates and a heavy debt load.
Mr Paul, who married lawyer Michelle Bonn, 40, in 2005, lived at the family home in Marylebone with his parents, Lord and Lady Paul, and his 57-year-old twin brothers Ambar and Akash.
His sister Ambika died of leukaemia shortly after his parents travelled to England from India in the 1960s to seek medical treatment.
Angad Paul and wife MichelleAngad Paul and wife Michelle  Photo: Alan Davidson
Emergency services were called to a building beside his home in Portland Place, Marylebone, on Sunday morning after Mr Paul was seen lying on the roof.
A Metropolitan Police spokesman said there were no suspicious circumstances.
Close friends paid their respects as news of the tragedy spread. One said it was a further blow to Lord Paul, adding: "It is hard, a son is a son."


A Caparo spokesman said it was a "private, family matter."
Caparo Industries comprises 20 businesses, 16 of which are now in administration.
Angad Paul at the launch of the Caparo T1 supercar at Goodwood Motor Racing Circuit
Angad Paul at the launch of the Caparo T1 supercar at Goodwood Motor Racing Circuit  Photo: ANDREW CROWLEY
Administrators PwC are said to be considering whether a series of ventures in supercars, film and design led by Mr Paul contributed to the collapse.
He was involved in a number of ventures, and was listed as the executive producer on many of Guy Ritchie's films including Lock, Stock And Two Smoking Barrels and Snatch.
He was also behind the Caparo T1, which was the world's fastest supercar when it was launched in 2006.
It costs hundreds of thousands of pounds to buy and was developed by former McLaren F1 engineers but discontinued some ten years ago.
Matt Hammond, lead administrator and partner at PwC, said of Caparo Industries last month: "This is a significant business with a wide range of interests across steel, engineering, vehicles products and technologies. Its scale and reach into significant customers and its importance to suppliers cannot be understated.
"We will be rapidly assessing all options for the businesses through this week and beyond."
According to its 2014 accounts, Caparo Industries’ turnover slipped 1.3pc to £368.1m, and the business fell into the red with a £700,000 operating loss, down from a £3.1m profit last time around.
However Caparo Industries’ UK operation made a £2.5m operating loss in the year, reversing the £1.7m profit made the previous year.
Lord Paul, who has donated around £500,000 to Labour and is friends with Gordon Brown, is one of the country’s 50 wealthiest people, with a fortune estimated at £2bn.
He moved to Britain in 1966 and founded Caparo Group with a £5,000 bank loan.
Starting with a single company making pipes for the gas industry, it grew to become an international business operating in the UK, Europe, India and the US with an annual turnover of $1.5bn and 10,000 staff.
He was made a peer in 1996, sitting as an independent since 2010.

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