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Begbies Traynor has announced that Torquay United AFC has fulfilled the terms of their Company Voluntary Arrangement (CVA), with all tax debts, football and trade creditors now paid in full.
Completion of the CVA, the terms of which were agreed with creditors as part of the sale of the club on 29 May 2024, concludes the process which started when administrators from Begbies Traynor were appointed on 5 April 2024.
The terms of the CVA enabled Torquay to continue to operate the football club and saw administrators Begbies Traynor hand over control of the club to the Bryn Consortium (Big in Business Ltd.).
The consortium, Big in Business Ltd, and current owners, are Michael Westcott (co-chair), Mark Bowes-Cavanagh (co-chair), Tom Allen, Matt Corby, Rob Hawes, and Simon Robinson.
Ownership of Torquay United AFC is now as follows, Big in Business Ltd 66.30%, Legacy Shareholders 5.05% and TUST (‘Trust Shares’ as defined in the Articles) 28.65%.
Michael Westcott, co-chair at Torquay United AFC, said: “The formal exit from the administration process marks a significant moment in the rebirth of Torquay United. When we entered administration, we were at the lowest league position in the club’s history, and many feared for our future.
“An administration process inevitably places enormous constraints on any football club, yet Torquay United has refused to be defined by them. We are deeply grateful to Begbies Traynor for its professional stewardship throughout, and now, with the past behind us, we’re ready to build a bold new future for this great community club.”
Julie Palmer, regional managing partner at Begbies Traynor Group, added: “Torquay United AFC is a historic club and part of the foundations of its community, the surrounding area and football in the UK. But like many football clubs, it is also vital to supporting and growing businesses in the area and all these factors make its survival so important.
“The new owners, and everyone involved, have worked tirelessly to turn the club around working with the fans and local community to transform Torquay United AFC in a very short space of time. Its story should give hope for other clubs that are starting to see signs of distress and are considering whether to look for support.”
