A receiver is set to be appointed to sports chain Elverys today, and the business will be sold to a group of managers later this evening.
All 650 jobs at the chain will be saved under the planned sale. Staff are expected to be informed of the sale after it takes place later today.
It is understood that the current board of directors will appoint accountant David Carson of Deloitte as receiver today, and he will then sell the business on to a group of managers headed by chief executive Patrick Rowland.
No former directors of the business are involved in the new ownership team, which is believed to have secured new investment for the business.
The retail business is being sold as part of a wider restructuring of debts owned to NAMA by Elvery’s owners.
NAMA had tapped corporate finance house IBI to run a process to find a buyer for Elvery’s last year, and the business was widely marketed before today’s sale.
By Donal O’Donovan