Several investors ‘interested’ in Elverys Sports

Several investors have expressed interest in the Elverys Sports operating company, which employs 654 people in 56 stores across the State, the High Court was told today as it confirmed an examiner 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.

The National Assets Management Agency (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 €23 million, after acquiring its AIB loans in 2010 and 2011.

The petition for examinership was brought in hurried circumstances earlier this month by a Nama company whose counsel Rossa Fanning said today that seven expressions of interest had been received.

Counsel said the expressions of interest did not involve seven different entities but did include expressions of 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 managemement buy-out preceded by a pre-pack receivership.

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

He fixed today for the hearing of NAMA’s petition seeking to confirm examinership when he heard there was no opposition to the application and the Revenue Commissioners were adopting a neutral position.

A solicitor for Ulster Bank said its position was one of qualified support while a solicitor for Staunton Sports supported the petition.