The administrators of Cash’s (UK) Limited, the Coventry-based woven labels and accessories manufacturer, have struck a deal which safeguards the future of the 168 year old firm.
The going concern sale sees the business and assets of Cash’s (UK) Limited (in administration) acquired by Cash’s Apparel Solutions (UK) Limited, a new company led by members of the former management team and backed by Hong Kong-based The Jointak Group, previously a key supplier to Cash’s.
As part of the sale, all remaining 11 employees will transfer to the new company. It is hoped UK production will recommence immediately, with some prospects for further employment in the area.
Commenting on the deal, 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.”
Will Wright, partner at KPMG and 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.”
Notes to Editors:
Will Wright and Mark Orton of KPMG’s Restructuring practice were appointed Joint Administrators to Cash’s (UK) Limited and its parent company, Composite Materials Technology Limited on 29th January.
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 were redundant as a result of the administration.
Katy Broomhead, KPMG Press Office
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