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Begbies Traynor has handed over day to day running of Torquay United Football Club to the Bryn Consortium following the completion of a rescue deal.
The deal follows creditor approval of the CVA, which will see all tax debts, football and trade creditors paid in full within the next six months.
The deal sees the Bryn Consortium, comprising Michael Westcott, Mark Bowes-Cavanagh, Tom Allen, Matt Corby, Rob Hawes, and Simon Robinson, take on 93% of the shareholding of Torquay United AFC Limited.
Alongside this, around 600 Torquay United fans own the remaining 7% from historic share issues.
Bowes-Cavanagh and Westcott have been named as co-chairs with the rest of the consortium members taking up positions as directors of the board.
Joining the board as non-exec directors are Neil Warnock (football), Joe Lovell (interim CEO) and Sam Barnes (compliance, legal).
Bowes-Cavanagh said: “We are delighted that creditors have accepted the Administrator’s thoughtful proposal and that the transaction is now complete. It now allows us to work with the staff at Plainmoor and execute on our plans at speed. We’d like to say thank you to all the staff who have worked tirelessly over the past few months under extraordinarily difficult circumstances.”
Scott Kippax, joint administrator and partner at Begbies Traynor’s Exeter office, added: “This is an excellent outcome for this historic football club, its fans, and the creditors. It is always hugely satisfying to be able to achieve such a positive result from what were very difficult circumstances for the club and we are grateful to all parties who have worked so hard to get to this point.
“The Bryn Consortium has demonstrated its wholehearted commitment to meeting the needs of all the stakeholders and we wish them every success as they take the club forwards. The support from all staff and the Yellow Army has been unwavering throughout. Our thanks also go to those working with us behind the scenes, including our legal team at Stephens Scown LLP, Darnells Chartered Accountants, and the team at The National League.”
Torquay United currently play in the National League South, the sixth tier of English football.
