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The description of: https://www.cubecart.com/extensions/plugins/promotional-code-enhancements suggests it has this capability.

CubeCart will create and cache a skin-based rendering of the category tree, then make that "cameo" available to box.navigation.php in $CATEGORIES. The "pro" of this is to expend just once what could be a time-intensive task in building the tree. The "con" is that (at least for some versions of CubeCart) the URLs have the host address of the store when the tree was built. (Thus, should the web address change, the links do not work anymore.) By adding {debug} to the end of the main.php template, you should see the $CATEGORIES variable in the left pane of the Smarty popup.

Name: Ebay Sales Price: £104.95 Category: Plugins Homepage: https://www.cubecart.com/extensions/plugins/ebay-sales

It sounds like the server your website is hosted on, previously had memcached installed and configured but either it now doesnt have that installed or it has been disabled. Most shared hosting doesnt have memcached available (we do across all of our servers !) so you will need to speak to your hosting company - unless you own and manage the server there will be nothing you can do. To get back into the site edit your includes/global.inc.php file and change memcached to file to switch back to the standard but slower file based caching Ian