Elverys’ management team, led by managing director Peter Rowland, has been approved by examiner Simon Coyle of accountancy firm Mazars as the preferred investor for the 56-store chain.
Other offers for the business included one from Sports Direct and Heatons department stores, in which Sports Direct owns a 50 per cent stake.
Elverys, which was founded in 1847 and is a member of Intersport, started the examinership process last February when it was placed under the protection of the High Court in Ireland after a pre-pack receivership deal fell through at the last minute.
The MBO means that all of the 700 people employed by Elverys should keep their jobs.
Staff launched a social media campaign, called SOS Elverys 700, to raise awareness of the plight of the retailer and support the management’s purchase of the business.
