Thu, 30 Jan 2014 | ADMINISTRATION
The woven label manufacturer that has been accredited by the Queen, Cash’s, has been placed into administration with a buyer urgently sought to save it from extinction.
Cash’s (UK) Ltd had suffered “significant” cash flow difficulties due to a hole in its pension scheme, before calling in the administrators from KPMG.
The administrators made 47 out of 58 staff redundant after coming into the business and its parent company Composite Materials Limited.
Joint administrator Will Wright commented: “Over the last few weeks, we have been working closely with the directors to find a solution, but ultimately, the requirement to fund the pension scheme left the directors with little option other than to seek the appointment of administrators.
“It is our intention to continue limited trade to satisfy current orders whilst we seek a buyer, and would encourage any parties who may be interested in the business and its assets to contact us.”
Founded in 1846 by Quaker brothers John and Joseph Cash in Coventry, it weaves fine quality name labels, school name tags, clothing labels, travel badges and socks, bookmarks, cards and pictures for an international range of customers including individuals, clothing retailers and sportswear makers.
It also counts royalty amongst its clients, having been appointed Manufacturers of Woven Name Tapes to Her Majesty the Queen in January 1964.
Cash’s is the last remaining business of Coventry’s historic weaving industry.
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