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[02 OCT 99] J & J CASH NEWS
J & J Cash Heading For Management Buyout

Coventry name-tag maker J & J Cash looks set to be part of a management buyout.

The Torrington Avenue-based company, who manufacture badges for many of the Premiership football shirts including Coventry City, is part of the Jones Stroud group.

The group also owns JSI/Marflex, which make electrical and thermal insulation materials, Anglo American Vulcanised Fibre, Beam Tubes and textile company Wykes.

The group is currently controlled by David and Philip Jones who founded the company and own over 60% of the shares, but the pair are both now at retirement age and looking to sell their stake.

Jones Stroud has now agreed to sell the group to management in a deal that is believed to be worth around 30 million and covers all five of the companies under its umbrella.

The management buyout is led by Dr Andrew Ives, the group's Coventry-based chief executive who believes the company has a great future.

He said:

"In taking the group into private ownership, we believe that the offer provides the best route forward for all parties with an economic interest in Jones Stroud."

The management buyout team has set up a new company Composite Materials Technology plc (CMT), and if the offer is approved Ives will own approximately 40% of the new company.

Jones Stroud chairman Philip Jones admitted that the deal was now progressing.

He said:

"We recommend the offer to shareholders as the most appropriate way to maximise the value of their shares in view of the alternatives available to the company."

Coventry-based J & J Cash has been making high quality woven clothing labels and badges for school blazers since 1852 and was famously called upon to provide name tags for Prince Charles’ school uniform.

The company also has long standing deals with some of the leading design houses in the world, and last year made sales of 77 million.

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CWN / Business / A-Z / J & J Cash / 2 Oct 99

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