Steel firm boss dies in plunge from London penthouse

The Metropolitan Police said they are not treating the death as suspicious. Picture: AP
The Metropolitan Police said they are not treating the death as suspicious. Picture: AP
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The boss of a steel company on the brink of collapse has died after plunging from his penthouse flat.

Angad Paul, 45, was pronounced dead at the scene after falling from the flat in central London on Sunday morning.

His death comes as large-scale job cuts have been announced at his steel company Caparo while administrators PwC try to salvage the company. Some 450 redundancies at the firm were announced last month in what trade unions described as a “devastating” blow to the British steel industry, while the future of another 1,200 jobs remains uncertain.

The Metropolitan Police said they are not treating the death as suspicious.

The death comes following a series of announcements which have rocked the steel industry – Indian firm Tata announced the mothballing of its operations at Lanarkshire sites Dalzell in Motherwell and Clydebridge in Cambuslang last month, with the loss of 270 posts.

First Minister Nicola Sturgeon has promised to do everything in her power to secure the future of the industry, while former Rangers owner Sir David Murray has confirmed that he is in talks to buy the two Scottish steelworks which are under threat of closure.

Friends of Mr Paul told of their sadness at his apparent suicide.

Indian entrepreneur and columnist Suhel Seth said on Twitter: “Deeply saddened to learn of the suicide of Angad Paul in London. He was young and bright.

“Deepest condolences to Lord Swraj Paul and family.”

Mr Paul’s father, Lord Paul, who was born in the Indian town of Jalandhar, founded the business in 1968 with a £5,000 loan. Last year the Birmingham Post reported that Lord Paul’s family was worth an estimated £2 billion.

His company has an annual turnover of more than $US 1.5 billion (around £1bn), with interests in hotels, interior design and financial services, as well as steel, according to its website.

But Caparo called in administrators last month after the collapse in steel prices and the strong pound left the business struggling.

A Metropolitan Police spokeswoman said officers were called to London’s Portland Place just after 11am yesterday morning.

She said: “Enquiries into the circumstances of the incident continue but it is being treated as non-suspicious at this stage.”

Lord Paul passed ownership of Caparo to his son in 1996.

Mr Paul was involved in a number of business ventures, and was listed as the executive producer on many of Guy Ritchie’s films, including Lock, Stock and Two Smoking Barrels and Snatch.