Elverys Sports attracts interest

Several investors have expressed interest in the Elverys Sports operating company, which employs 654 people in 56 stores across the country.

The High Court was told this yesterday as it confirmed an examiner had been appointed to the company.

Mr Justice Brian McGovern said he was satisfied to confirm Simon Coyle of Mazars as examiner and would continue court protection to allow for preparation of a survival scheme for Staunton Sports.

Nama will continue supporting Staunton Sports during the period of court protection when rival bids for the company will be assessed.

Nama is the company’s largest secured creditor, owed some €23m, after acquiring its AIB loans in 2010 and 2011.

The petition for examinership was brought in hurried circumstances this month by a Nama company whose counsel, Rossa Fanning, told the court yesterday that seven expressions of interest had been received.

Mr Fanning said the expressions of interest did not involve seven different entities but did include interest from two large accountancy firms and one large law firm on behalf of different clients.

Previously, the court heard Nama had decided to petition for examinership after receiving a bid for the company that it considered to be more favourable than a proposed management buyout preceded by a pre-pack receivership.

Mr Justice McGovern had granted court protection on February 7 pending receipt last Tuesday of an independent accountant’s report expressing the view the firm has a reasonable prospect of survival.

The judge yesterday granted the application for examinership after there was no opposition.

The Revenue Commissioners adopted a neutral position, s solicitor for Ulster Bank said its position was one of qualified support, and a solicitor for Staunton Sports supported the petition.