Michelle Mulherin (Mayo, Fine Gael) | Oireachtas source

Elverys Sports is a company that has been trading profitably, notwithstanding its being taken into the National Asset Management Agency, an achievement that is due to the hard work of management and staff over the years. It has grown from a single shop in Castlebar, County Mayo, to a chain of 54 stores nationwide, with a growing online business. As a result of NAMA's shenanigans in handling the sale of the business, however, this profitable company has gone into examinership.

Is this how NAMA, the largest property company in the world, should be doing its business on behalf of the taxpayers of this country? As we know, NAMA issued a notice of decision to sell the company to a management buy-out team. Way past the 11th hour, however, it allowed that deal to be scuppered by entertaining a further bid, which resulted in the company being placed in examinership. What is the final cost of this examinership, not to mention the associated costs? Elverys Sports has been put into freefall on account of this uncertainty, which has adversely affected its ability to trade and will surely undermine the value of the company when it does comes to sale. It is enough to make one's blood boil when one considers the number of jobs at stake. Certainly, it seems clear that job protection is not a significant concern for NAMA in this particular instance. I am disappointed that the Minister for Finance is not in the Chamber this evening, given his responsibility for NAMA and its activities.

We are here today to press the case for safeguarding the 700 jobs that are at risk at Elverys Sports stores nationwide. The best way forward is clearly for a management buy-out to proceed. These people know best how the company works and have the wherewithal to forge ahead and ensure its growth as a leading Irish company. Every other day, I hear the Minister, Deputy Richard Bruton, his Cabinet colleagues, IDA Ireland and other Government agencies reminding us how difficult it is to get jobs into the west. Job creation is mainly taking place in the major centres of population, a fact that is recognised in the new regional focus included in the revised Action Plan for Jobs. What is the action plan to retain the nearly 200 jobs in Mayo that are in jeopardy? How is real meaning being given in this instance to the high priority NAMA is supposed to place on the preservation of jobs? Will the Minister offer some reassurance to the workers who are in the Chamber today and their fellow workers throughout the country?

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