Coventry Cash's reborn with backer from Hong Kong
A company that makes name tags has been saved after it found backing from a Hong Kong business group.
Coventry-based Cash's went into administration last month after 160 years, with the loss of 47 jobs.
Its former management team has now joined Hong Kong-based The Jointak Group to form a new company, called Cash's Apparel Solutions.
Cash's remaining 11 staff will transfer to the new firm and production is expected to resume soon.'Recruit workers'
Gary Powles, managing director of Cash's Apparel Solutions, 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."
The company, based in Torrington Avenue, said it had suffered "significant cash flow problems" for a number of years.
Will Wright, joint administrator, said "interest and affection" had been shown for Cash's, Coventry's oldest remaining weaving business.
"The ongoing support of customers and suppliers has been essential in securing a sale in such a short timescale," he added.
The Jointak Group is a former supplier to Cash's.