Sat, Oct
23 New Articles

Future of Elverys secured


Future of Elverys secured

Local management team chosen by examiner

Áine Ryan

IT was a much-welcome good news story from county town, Castlebar, as news broke yesterday morning (Monday) that the management team of Elverys Sports, led by local business man Patrick Rowland, has been approved by examiner, Simon Coyle of Mazars, as the preferred bidder to take over the company.
Speaking after the announcement, Mr Coyle said the decision ‘should secure the future of the business and its over 700 staff’. He said his next task is to formulate proposals for a Scheme of Arrangement which must be presented to the creditors for approval.
Welcoming the news, Taoiseach Enda Kenny said: “Subject to the final approval of the transaction by the High Court, the agreement will safeguard the 700 jobs in Elverys across Ireland, including 130 jobs in Castlebar and another 130 jobs in the rest of Mayo. This is a huge boost for the workers, their families and indeed the entire town of Castlebar. I wish the management team well in making Elverys the success I know it has the potential to be.”
Castlebar-based Town Councillor Harry Barrett said the decision ‘to accept the offer made by the Elverys management team’ was a great one, and now ‘leaves local workers here in Castlebar with job security for the future’
Cllr Barrett said: “Castlebar has suffered one major jobs blow after another this year, and in the wake of the shock closure of Hynes Shoes on Main Street, this decision was needed to alleviate the stress on local families with members working in Elverys. The buy-out by the local management team was the correct choice to have secured local jobs, and today’s decision, that secures local jobs, is very, very welcome.”

Speaking to The Mayo News last night, campaigner, Diarmuid Byrne, confirmed the local management team was told the good news yesterday morning.
“This great news has brought to an end nearly two months of speculation about the future of the business. For the many staff her in Castlebar and Mayo, as well as throughout the country, there is an overriding sense of relief that all the jobs will now be guaranteed,” Diarmuid Byrne said.
Mr Byrne was part of a delegation, which last month addressed Mayo County Council and subsequently received assurances by Cllr Henry Kenny that he would raise the issue with his brother, the Taoiseach.

Mayo GAA has also welcomed the news acknowledging ‘the hard work of the SOSElverys700 [campaign] team led by the staff who made the public aware of the danger they faced in relation to their jobs’.
“Mayo GAA have a long standing relationship and connection with Elverys and we are very proud to have a company of the magnitude of Elverys as our main sponsor and look forward to continuing that relationship going forward for the forseeable future. Elverys will continue to be displayed on the jerseys of all our teams and no doubt will see many appearances in Croke Park in the latter stages of the year,” the statement said.
 The Mayo News understands that the management team beat off stiff competition from five other bidders for the business, including Sports Direct, which is owned by UK billionaire Mike Ashley.