The company behind Cash's name tapes, familiar to generations for supplying the name tapes used to mark school uniform, has gone into administration following problems in funding its pension scheme.

Will Wright and Mark Orton of KPMG's restructuring practice have been appointed joint administrators to woven labels and accessories manufacturer Cash's (UK) Ltd and its parent company, Composite Materials Technology Ltd.

Cash's was established in 1846 by two Quaker brothers and together with its parent Composite Materials Ltd employed 58 people at its base in Coventry. As a result of the administration, 47 employees have been made redundant.

Will Wright, partner at KPMG and joint administrator, said: 'Despite the underlying businesses being profitable historically, the companies have experienced significant cashflow problems for a number of years as a result of a substantial deficit in the group's defined benefit pension scheme.'

The company weaves fine quality name labels, school name tags, clothing labels, personalised luggage straps, travel socks and badges for well known organisations and retailers. Wright said KPMG had been working closely with the company's directors over the last few weeks to find a solution, but the requirement to fund the pension scheme left them with little option other than to seek the appointment of administrators.

Wright said: '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.'