Sale agreement reached for Torquay United

Torquay United has announced that an agreement has been reached with The Bryn Consortium to take full control of the football club.

The news comes after weeks of discussions, with the original ‘preferred bidder’ dropping out of the race, opening the door for The Bryn Consortium to complete their acquisition of the club.

Former owner Clarke Osborne announced his intention to place Torquay United into administration in February, which led to a subsequent ten-point deduction from the National League and the Gulls narrowly escaped relegation under the stewardship of interim boss Aaron Downes.

The full statement read: 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.”