Scheme will allow Elverys Sports to exit examinership

A survival scheme for Elverys Sports operating company employing 700 people full and part-time in 52 stores across the country has been approved by the High Court.

The scheme, supported by Nama, will see Staunton Sports exit examinership at 1pm on Friday, Mr Justice Brian McGovern directed.

Nama is the company’s largest secured creditor, owed some €23m, after acquiring its AIB loans in 2010 and 2011 and will get value for its security, the judge heard.