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Begbies Traynor, administrators for Torquay United, have announced that it has agreed a deal with The Bryn Consortium for the sale of the club subject to creditor approval.
The proposed company voluntary arrangement would see all tax debts and trade creditors paid in full within six months.
Under the terms of the agreement, Torquay United AFC Limited would continue to operate the football club with the new owner becoming the controlling shareholder.
The Bryn Consortium is made up of Michael Westcott, Mark Bowes-Cavanagh, Tom Allen, Rob Hawes and Simon Robinson.
Scott Kippax, joint administrator, and partner at Begbies Traynor’s Exeter office, said: “This proposal is the best possible outcome for creditors, the club, and the fans. We are delighted to have reached the point of a conditional sale agreement, which would see all tax debts and trade creditors settled in full in a relatively short period of time. It is good news for the long-term future of the club, and we are pleased to be able to present such a favourable proposal to creditors.”
Westcott added: “We are delighted to have provided a positive outcome for all creditors and provided a future for our beloved football club. There is much work to be done in the coming days and weeks, and we will issue a series of updates to supporters next week on the preparations and plans for the forthcoming season.”
Begbies was appointed as the administrator for the club back in April.
Torquay United currently play in the National League South, the 6th tier of English football, where they finished 18th.
