NICK Watkins has vowed to find a new backer who will help Town continue their rise from the financial ashes - after it was revealed the club have cut ties with main sponsors Kingswood Group.

Swindon's chief executive admitted the club has severed links with Kingswood - who only signed a five-year deal worth around £100,000 a year in June - with immediate effect, due to increasing money owed.

Watkins, pictured, insists the club will not be rushed into finding a successor but admitted, with the 2008/09 kit set to be launched in July, the sooner they attract a new sponsor the better.

Work has already gone into the task though, with Kingswood's withdrawal predicted for a while, and Watkins is emphasising the importance of this time getting the right company on board.

He said: "It is not just about a name on the shirts. We need to find someone who will work with us in terms of the club's ethics, and in terms of the community.

"We had to withdraw from Kingswood because they had not paid their money and going forward under new ownership we don't want to work in any past uncertainty.

"I can understand why the previous regime went with Kingswood, but it was a knee-jerk reaction and I don't think anyone really thought about the long term.

"There is already interest though and people are beginning to say here is a chance of joining a club that is rising from the ashes and we could be part of a much better future'."

Club director Jeremy Wray concedes the immediate lack of revenue is a short-term blow but he insists work is already well under way to secure a bright financial future.

He said: "Nick is already well ahead of the game in terms of finding new sponsors. We know we will not be getting the money we thought we would until the summer but it is not as though we had not seen it coming."

The Swindon Advertiser tried to contact Kingswood Group last night without success.