Administrators have been appointed at woven labels and accessories manufacturer Cash's (UK) Limited and its parent company, Composite Materials Technology Limited.

Established in 1846, the company employed 58 people at its base in Coventry - with 47 being made redundant as a result of the administration.

"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," said Will Wright, partner at KPMG and joint administrator.

"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."