The management buyout safeguards 700 jobs in Ireland

The management buyout safeguards 700 jobs in Ireland

Around 700 jobs have been saved as a result of a management buyout of Irish sportswear chain Elverys, which has been in examinership since February.

Elverys, which is headquartered in Castlebar, Mayo, operates 55 stores in Ireland. 

The move comes two months after UK retailer Sports Direct set its sights on acquiring Ireland's oldest sportswear chain, with CEO Dave Forsey saying it would be an "excellent strategic fit" for the company in the country. 

Sources close to Sportsworld, which is owned by Sports Direct's Irish partner Heatons, expressed their disappointment with yesterday's (31 March) decision, and added: "We wanted to maintain and develop the Elverys brand."

"We put forward a compelling bid that was, in our view, in the interests of all stakeholders including the Elvery's employees, creditors and Irish consumers."

The capital that was earmarked for this transaction, the sources added, will now be used to invest in Sportsworld to "develop the business organically".