650 jobs saved at Elverys in buyout deal
Published 31/03/2014 | 15:08
A BUYER has been identified to take control of sport wear chain Elverys, which has been in examinership since February.
A management team led by Elverys' current managing director Patrick Rowland has been named as preferred bidder to buy the business.
The sports store chain employs more than 650 staff working in 56 shops. The Management Buy Out (MBO) proposal has seen off competition from the billionaire owner of Sports Direct Mike Ashley and Hilco, a US firm that specialises in buying struggling retailers.
After narrowing down the proposals to the preferred MBO bid Examiner Simon Coyle of Mazars must present the offer to the High Court as part of a Scheme of Arrangement, which has to be approved by the court before Elverys exits Examinership.