UK: Sports Direct sets sights on Elverys acquisition
Elverys, the oldest sports chain in Ireland, operates 55 stores
UK retailer Sports Direct has welcomed news that a temporary examiner has been appointed for Elverys, as it sets its sights on acquiring the Irish sportswear chain.
Simon Coyle of Mazars was appointed to the position earlier this week, Sports Direct told just-style. In a statement, company CEO Dave Forsey said he hopes a permanent appointment over the next week will "lead to a fair and transparent process" over the future ownership of Elverys.
The comments come after Sports Direct earlier this week refused to be drawn on reports its Irish partner Heatons offered to pay EUR2.5m (US$3.4m) more for Elverys than a EUR10m offer from the chain's management.
Elverys, which runs 55 stores in Ireland, was set to be placed into receivership before being acquired by a management team backed by financial firm Capnua.
Today (7 February), Forsey said: "Elverys would be an excellent strategic fit for Sports Direct in the Republic of Ireland, giving us essential access to the important rugby replica kit market.
"Similar to the UK, where Adidas has threatened to restrict supply of the new Chelsea football kit to Sports Direct, we understand that Heatons has also been restricted from the supply of the Adidas sponsored Munster rugby kit."
He added the Adidas policy is "not in the interests of consumers", because restricting the supply of Adidas replica goods could increase the retail price shoppers have to pay.
"We believe we can offer the best solution for the future ownership of Elverys, which would be in the interests of all the stakeholders including the Irish taxpayer, creditors, consumers and employees."
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