Michelle Mulherin (Mayo, Fine Gael) | Oireachtas source

I thank Deputies Pat Breen and Joe O’Reilly for sharing time with me.

Without a shadow of a doubt, job creation and retention is at the heart of the priorities of this Government each and every day of its term of office. However, as I speak 700 jobs, 180 in County Mayo, are at risk owing to the sale of Elverys Sports by NAMA, the National Asset Management Agency. Unfortunately, by all accounts the way the matter is being handled by NAMA is putting these jobs in further jeopardy while leaving many questions to be answered. I have had numerous Elverys Sports employees in contact with my office who are very fearful for their jobs.

Will the Minister for Finance explain why the management buy-out of Elverys Sports from NAMA did not proceed? This would have been an acceptable solution. Why has NAMA not honoured a notice of decision it signed up to and issued to management confirming the buy-out was acceptable? Since NAMA did not go ahead, it has placed the staff in a precarious position and, arguably, plunged the company into free fall, putting its future as well as its ability to trade at further risk.

I am led to believe that at the last minute an outside bidder offering 25% more than the highest bidder came on the scene, scuppering the management buy-out. What sort of bid is that? Surely this is no way to bid. Why was Elverys Sports put into examinership? What is going on? Will the taxpayer end up having to carry the can paying redundancies? Are shops going to close? Are creditors going to be paid? Will there be 25% more staff, by some chance?

NAMA was set up to take bad loans out of banks and a crucial part of its remit is to protect jobs. What has been done here to protect jobs? If jobs are a priority then why has the management buy-out not been allowed to proceed? This is a home-grown company with an online business that is growing every day which can rival any international sports retail company. The management and staff have built up the business. With its Mayo roots and it being the main sponsor of the Mayo senior football team, we are particularly proud of Elverys. We cannot give way to a situation where the company would be sold off to vultures who will asset-strip it and not give a damn about employees. Today, I am requesting action from the Government to protect these 700 jobs. It is crucial and NAMA has to be questioned on how it has handled it before it is too late.

See this speech in context