A division of a Nottingham-based sportswear manufacturer has been sold after the company entered administration, saving 35 jobs.
Philip Stephenson and Jon Roden, both of Grant Thornton UK LLP, were appointed joint administrators to Dreamsport Limited on 30 March 2022.
The company experienced a decline in trading following the outbreak of the COVID-19 pandemic and its directors elected to place the business into an insolvency process.
A spokesperson for the joint administrators at Grant Thornton UK LLP said: “Following their appointment, the administrators secured the sale of the company’s Teamwear division to an unconnected third party (Dreamsport 2022 Limited, part of the The Stevenson Group), which secured the employment of 35 people.
“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.
“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.”
