700 staff at sportswear firm Elvery’s have started a social media campaign aimed at gathering support for a management buyout which they say will save their jobs.
The company went into examinership last month and there has been speculation around a number of alternative bidders, perhaps as many as seven.
These include the British based Sports Direct which already owns 50% of Heaton’s in Ireland and is said to be considering a joint bid with Lifestyle Sports that at one point was said to involve a 25% premium on what had been tabled by management.
Nama is the groups largest creditor, owed a total of €23 million after buying the group’s loans from AIB in 2010 and 2011. The debt had been built up in expanding to a total of 56 stores around the country.
The viability of sportswear sales is indicated by the latest results for Sports Direct which showed an increase in gross profit of £280 million, up 14.6% in the 13 weeks around Christmas compared to the same period 12 months earlier.
Elvery’s was first established in 1847 and taken over by Staunton Sports, another wholly Irish owned concern in 1998. It is the official retail partner of both the IRFU and the GAA and operates the retail stores at Croke Park and the Aviva Stadium. Based in Connacht, it is also the long time sponsor of Mayo GAA, and an official partner of the Flora Women’s mini marathon.
It sponsored RTE Sport’s coverage of the Guinness Autumn Series last year and has also been involved in sports coaching and GPA summer camp initiatives.
