Caparo chairman dead, company on brink of bankruptcy

View 9 Photos
If you were still holding out hope that the Caparo T1 might yet emerge from the fringes of the supercar scene, we're sorry to say that you can probably put those dreams to rest now. Because not only is the company behind it on the verge of bankruptcy, but its chief executive has died in an apparent suicide.

Originally known as the Freestream T1, the Caparo T1 was arguably closer to a Formula One racer than any supercar made to date. It was developed by a team of former McLaren engineers, with a narrow body, outboard wheels, a central cockpit, a curb weight of around 1,000 pounds, nearly twice that much in downforce, and a high-revving 3.5-liter V8 engine. It was a little too close to an F1 car, however, and proved too high-strung and prone to mechanical glitches – ones that might ordinarily be fixed on an F1 racer by the pit crew, but are not so easily excused on a road car.

Caparo Vehicle Technologies is just one part of a larger empire with interests in numerous fields. Caparo is principally a steel company, with additional interests in hospitality, finance, and other industries. That company has fallen on hard times recently, forced to lay off hundreds of employees while undergoing bankruptcy administration. Faced with those difficulties, the company's chief executive Angad Paul plummeted from his penthouse apartment in London on Monday and was pronounced dead at the scene. He was 45 years old.

Caparo was founded by Angad's father Lord Swraj Paul in 1968. Angad took over in 1996, and also helped bankroll Guy Ritchie moves like Snatch and Lock, Stock and Two Smoking Barrels. He oversaw the acquisition of the Freestream supercar project in 2006, determined to use it as a showcase for the company's engineering prowess. A plan was announced over a year ago to bring the supercar back in the form of the T1 Evolution, but that was the last we've heard about it. And we fear that, unless another patron buys the operation in Caparo's bankruptcy liquidation, this will likely remain the last we'll ever hear of it.

Share This Photo X