independent

Friday 29 August 2014

Elverys jobs look safe

Simon Brouder

Published 02/04/2014 | 05:36

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THE future of 17 jobs in Elverys Sports' two Kerry outlets appear to be safe after management at the chain agreed a deal to buy the company.

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It was announced on Monday that the examiner to Elverys Sports, Simon Coyle of Mazars, has approved the management's bid for the company. As part of the proposed deal, it is understood Elverys' management team has given a commitment to the examiner to preserve the jobs of all 654 employees across 56 stores, once certain terms and conditions are met.

These include nine staff at the chain's Killarney outlet and six at the company's Tralee store.

Elverys, which is headquartered in Castlebar, Mayo, entered the examinership process in February and was granted protection from its creditors including Nama, which is owed €23m after it acquired loans that AIB made to Elverys.

The company was being sold as part of a wider restructuring of debts owed to Nama by Elverys owners, Mayo brothers John and James Staunton. They had originally bought the brand in 1998, and merged it with Staunton Sports.

It had been hoped in February of this year that Elvery's would be sold to the management group as part of a "pre-pack" receivership process, where the buyer is lined up in advance. However, a number of rival bidders objected to the prepack sale.

Kerryman

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