Local businessmen to take over Torquay United
Administrators for the club say an agreement's been reached with the Bryn Consortium
A consortium of local businessmen is set to take over Torquay United.
Administrators for the club say an agreement's been reached with the Bryn Consortium, subject to approval from creditors.
It would see all debts and creditor paid within six months - head of the consortium Michael Westcott says it's a positive outcome, but there's much to do.
Administrators of the club have issued a statement to say:
"A sale agreement for Torquay United AFC Limited has been reached with The Bryn Consortium of Michael Westcott, Mark Bowes-Cavanagh, Tom Allen, Rob Hawes and Simon Robinson, 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."
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."
Michael Westcott, the Bryn Consortium lead 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."