On Wednesday afternoon The High Court appointed Simon Coyle of Mazars as the interim examiner to Staunton Sports (trading as Elverys ). Elverys has its headquarters in Castlebar and has 55 stores across Ireland and employs 650 people. The appointment of the interim receiver came on foot of a petition by NAMA. There had been much speculation on the future of the company after news broke late last week of plans for the company to be placed into receivership, before being acquired by the company’s management with the backing of investors in a pre-pack receivership.
However there has been much interest in acquiring the company with UK businessman Mick Ashley, who owns the Sports Direct chain in the UK, which owns a 50 per cent stake in Heatons in Ireland and Newcastle United football, looking to purchase the chain, and he is reported to be willing to offer 25 per cent more for the business than was on the table from the management buy-out offer.
Mr Justice Brian McGovern appointed the interim examiner for six days until February 11 and then Nama could apply for a extension of the protection.
The business will continue to trade as normal during the period of examinership, and the examiner’s stated intention is to protect the business with a particular focus on job security. The management team is currently in the process of engaging with all suppliers, and is absolutely committed to finding a positive solution for the business. The examiner will undertake a process inviting interested parties to submit investment proposals to facilitate the formulation of a scheme of arrangement to ensure the survival of the business.