Creditors approve Company Voluntary Arrangement
The Bryn Consortium has completed its purchase of Torquay United following 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.
Commenting on the finalisation of the purchase, which sees the administrators hand over control of Torquay United to the consortium, Mark 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.”
Michael Westcott commented: “Over the past few weeks we have developed a close working relationship with the Administrators from Begbies Traynor and we thank them for their pragmatic and professional handling of an extremely complex process.
“We now look forward to getting on with the job and preparing for next season. We expect to make several announcements over the coming days around activities on and off the pitch.”.
Scott Kippax, joint administrator and partner at Begbies Traynor’s Exeter office, said: “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. Special mention must also go to the outgoing directors, whose commitment in supporting us to achieve this outcome cannot be underestimated”.