One of Coventry's oldest firms slips into administration. . Before the announcement, Cash’s and its parent company Composite Materials Technology Ltd, employed a total of 58 people in Coventry.
The administrators KPMG made 47 of the 58 people employed by the Torrington Avenue firm and its parent company CMT Limited redundant.
Thursday 13 February 2014
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.
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.
CASH'S APPAREL SOLUTIONS (UK) LIMITED Address CASH'S UK. TORRINGTON AVENUE. COVENTRY. ENGLAND. CV4 9UZ Legal Information Company Registration No.: 08630374 Incorporation Date:- 30 Jul 2013 - 7 Months old Financial Year End:- 31 Jul Capital: £100.00 - on 30 Jul 2013 Appointments - MR GARY POWLES - Role- Director Appointed- 30 Jul 2013 Status- Active CASH'S APPAREL SOLUTIONS (UK) LIMITED Document: AP01 - Appointment of director DIRECTOR APPOINTED - MR MAN YUEN LAU Filed on: 16 Jan 2014 | GARY POWLES:- My Last Manager at Cash's UK,. Mon 19 Dec 2005 13:16:14 GMT. Hi Gary, How's your pension doing. |