Sale of Torquay United completed
The Bryn Consortium says all debts will be paid within six months
The sale of Torquay United to a consortium of local businessmen has been completed.
It follows creditor approval of the CVA, which will see all tax debts, football and trade creditors paid in full by the in-coming ownership group 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, with around 600 Torquay United fans owning 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). Jon Gibbes has been appointed as Club Secretary.
Clarke Osborne, George Edwards and Mel Hayman have resigned as directors.