Award tech winning firm bought out of administration

Elizabeth Clark
X The Business Desk

Register for free to receive latest news stories direct to your inbox

Register

An award-winning online firm has been bought out of administration by the founders’ daughter.

Dream Agility was set up in Ramsbottom four years ago by husband and wife team Elizabeth Clark and went into administration four weeks ago.

The move has safeguarded the jobs of the 22 people who work at the firm.

Dream Agility won a series of awards for its Google Shopping platform and turned around a six-figure loss to a six-figure profit in its last set of accounts.

But administrators Patrick Lannagan and Conrad Pearson from accountancy firm Mazars were appointed after the business hit cash-flow problems.

The business has been bought by Elizabeth Clark’s 22-year-old daughter Lucy after a marketing process.

A new company called Dream AI Limited has been set up to run the business.

The deal means the business can now restructure and has also benefited from a six-figure angel investment.

According to reports the cash-flow problems came about because of a protracted disagreement with an investor.

Lucy Clark said: “It’s phenomenal to be able to be a female founder in the tech sector.

“I’ve worked really hard in Dream Agility from its inception, whilst doing my degree in Business Management part-time at Manchester Metropolitan University.”

Elizabeth Clark told  the BusinessCloud website: “Lucy comes from a long line of entrepreneurs; her great grandmother started the Halls Bakery empire by selling tea cakes made from the stove in her front room to the miners commuting to work.

“Being able to buy the company she helped her parents establish has been a massive achievement for her.”

Elizabeth Clark and her husband Powditch remain as advisors.

Under the terms of the deal, Clark and Powditch – who owned 71% of Dream Agility between them – will have no share of the new company, which will be 100% owned by Lucy Clark.

Mazars will be paid a percentage of revenue for the next 18 months.

Elizabeth Clark and her husband Powditch remain as advisors.

Close