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.
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