The Coventry manufacturer, Cash’s (UK) Limited, has gone into administration after 140 years of producing woven labels and name tapes, most commonly used for school PE kits and uniforms. 47 jobs were lost between Cash’s and its parent company, Composite Materials Technology Limited. Will Wright and Mark Orton of KPMG were appointed administrators by the business and hope to find a suitable buyer soon. The manufacturer has been struggling with cashflow for a few years, having seen customers choose waterproof markers to label uniforms over sewn in name tapes.
The business has had difficulties in funding the group’s benefit pension scheme, therefore felt there was no other option but to call in the administrators. Will Wright said, ‘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.’