A Coventry manufacturer which has produced school uniform name tags for 160 years has gone into administration.
Cash’s is seeking a new buyer after administrators were appointed to the business and its parent company Composite Materials Limited.
47 of the company’s 58 staff have already been issued with redundancies, with Cash’s citing “significant” cashflow problems as a result of a deficit in its pension scheme.
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.”
The company moved to its existing site in the 1980s and is the last remaining weaving company in Coventry.
It also had the distinction in 1964 of being appointed as a manufacturer of woven name tapes for the Queen.
The news marks a mixed week for Coventry, with the boost earlier this week that Nissan is to manufacture the new London taxi with ADV Manufacturing in the city.