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Elverys Sports to go into receivership

Friday, January 31 15:47:08

Retailer, Elverys Sports is set to be placed into receivership before being acquired by the company's management team with the backing of investors brought to the deal by Dublin-based corporate finance house Capnua, The Irish Times reported today.

This will secure the 650 jobs at the 55 Elverys outlets across the country but will results in the current owners, Mayo brothers John and James Staunton, no longer being involved in the business.

It is understood that all gift vouchers will be honoured and that the sports chain will also meet its obligations to suppliers in full.