Will Wright and Mark Orton of KPMG’s Restructuring practice have been appointed Joint Administrators to Coventry-based woven labels and accessories manufacturer Cash’s (UK) Limited and its parent company, Composite Materials Technology Limited.
Established in 1846, Cash’s (UK) Limited, together with its parent Composite Materials Limited, employed a total of 58 people at its base in Coventry. A total of 47 employees have been made redundant as a result of the administration.
Commenting on the appointment, 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.”
Any interested parties should contact Craig Walker at KPMG on 0115 936 3652.
Nahidur Rahman, KPMG Press Office
020 7694 8812 (t), 0788191 6975 (m) or email@example.com
KPMG Press Office: 020 7694 8773
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with approximately 11,500 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2013. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 155,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.