Jobs saved as Dreamsport's Teamwear division is bought out of administration
Failed Nottingham sportswear manufacturer Dreamsport has been able to find a buyer for its Teamwear division, saving around 35 jobs.
The business has been purchases by an “unconnected third party” called Dreamsport 2022, part of The Stevenson Group, for an undisclosed sum.
Dreamsport called in administrators Grant Thornton on March 30 after suffering a decline in trading, citing the ongoing effects of the Covid-19 pandemic over the last two years.
Dreamsport designs, develops and manufactures customised sportswear for international, professional and amateur clubs, universities and schools. On its website it noted that “customisation is at the core of the business and we take pride in strengthening the bond between the athlete and their kit”.
A spokesperson for the joint administrators at Grant Thornton UK told TheBusinessDesk: “Following their appointment, the administrators secured the sale of the company’s Teamwear division.
“However, there was no interest in acquiring the remainder of the business and unfortunately this has resulted in the redundancy of the remaining five employees.”
It added: “The administrators are continuing to carry out their statutory obligations in respect of realising remaining value from the company and ensuring an orderly wind-down. Further information will be made available in due course.”
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