Woven labels and accessories manufacturer Cash's (UK) Limited has been sold as a going concern to a new company led by members of the former management team and backed by one of the firm's suppliers, Hong Kong-based The Jointak Group.

The deal, announced today (13 February), comes after administrators were appointed to the 168-year-old Coventry-based business last month.

47 of the company's 58 staff were made redundant as a result of the administration, with the remaining 11 employees now set transfer to the new company.

"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," said Gary Powles, managing director of Cash's Apparel Solutions (UK) Ltd.