One of Coventry's oldest firms slips into administration

[dutchman]

One of Coventry’s oldest and best-known firms has collapsed into administration.



Cash’s (UK) Ltd - the woven labels and accessories manufacturer - needs a new buyer to save it from closure after more than 160 years in the city.

A total of 47 workers have been made redundant after administrators were appointed to the Tile Hill business and its parent company Composite Materials Limited.

Cash flow problems, described as ‘‘significant’’, as a result of a deficit in the group’s pension scheme, have been blamed for the collapse of the internationally-known historic firm.

The firm - famous for its woven school name tags- moved to its present site in Torrington Avenue in the 1980s.

It is the sole survivor of Coventry’s historic weaving industry.

Before the administration announcement, Cash’s, together with Composite Materials Limited, were employing a total of 58 people in Coventry.

Will Wright, partner at KPMG and joint administrator, said: “Despite the underlying businesses being profitable historically, the companies have experienced significant cash flow problems for a number of years as a result of a substantial deficit in the group’s defined benefit pension scheme.

“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 while we seek a buyer, and would encourage any parties who may be interested in the business and its assets to contact us.”

Cash’s (UK) weave fine quality name labels, school name tags, clothing labels, personalised luggage straps, travel socks and badges for some of the best-known names of today.

The company was set up in 1846 by Quaker brothers John and Joseph Cash in Coventry and has grown to become one of the most famous worldwide suppliers of woven products.

In January 1964, Cash’s (UK) was appointed ‘‘Manufacturers of Woven Name Tapes to Her Majesty the Queen’’.

[Wearethemods]

So sorry to hear this. Yet another 'part' of Coventry disappearing.

[dutchman]

Deal done to save Cash's

A DEAL has been struck to save Cash's - one of the city's oldest firms - from going out of business after 168 years.

The former management team has brought the woven labels and accessories manufacturer out of administration with the financial backing of one of its key suppliers, the Hong Kong-based The Jointak Group.

As part of the sale to newly established Cash’s Apparel Solutions (UK) Limited all remaining 11 employees will be kept on with the prospect of new jobs in the future.

The sole survivor of the city's historic weavers - founded in 1846 - has been struggling with a huge a shortfall in its pension scheme.

And we reported earlier in the month how administrators KPMG had made 47 of the 58 people employed by the Torrington Avenue firm and its parent company Composite Materials Technology Limited have been made redundant.

Gary Powles, managing director of Cash’s Apparel Solutions (UK) Ltd, said: “We are absolutely delighted to have been able to secure this deal, which will see the famous Cash’s name continue to trade from its home in Coventry.

"There’s no doubt it’s been a difficult few weeks, but we’re keen to start production on site as soon as possible, and are also hoping to recruit workers to the business over the coming weeks.”

Cash’s makes name labels, tags and other woven and printed accessories. It was founded by Quaker brothers John and Joseph Cash, and was once considered England's leading silk ribbon manufacturer.

The company, based for many years on Kingfield Road, went onto be appointed manufacturers of woven name tapes to Her Majesty the Queen.

Will Wright, joint administrator, added: “From day one of our appointment, we were delighted with the interest and affection shown for the Cash’s business.

"The ongoing support of customers and suppliers has been essential in securing a sale in such a short timescale. We wish the management team well for the future."

[dutchman]

Coventry Cash's reborn with backer from Hong Kong



A company that makes name tags has been saved after it found backing from a Hong Kong business group.

Coventry-based Cash's went into administration last month after 160 years, with the loss of 47 jobs.

Its former management team has now joined Hong Kong-based The Jointak Group to form a new company, called Cash's Apparel Solutions.

Cash's remaining 11 staff will transfer to the new firm and production is expected to resume soon.

Gary Powles, managing director of Cash's Apparel Solutions, said: "We are absolutely delighted to have been able to secure this deal, which will see the famous Cash's name continue to trade from its home in Coventry.

"There's no doubt it's been a difficult few weeks, but we're keen to start production on site as soon as possible, and are also hoping to recruit workers to the business over the coming weeks."

The company, based in Torrington Avenue, said it had suffered "significant cash flow problems" for a number of years.

Will Wright, joint administrator, said "interest and affection" had been shown for Cash's, Coventry's oldest remaining weaving business.

"The ongoing support of customers and suppliers has been essential in securing a sale in such a short timescale," he added.

The Jointak Group is a former supplier to Cash's.