Torquay United have exited administration following a take over by the Bryn Consortium.
After going into administration in April, the Bryn Consortium is now able to complete its purchase thanks to a Company Voluntary Arrangement that was approved by the creditors.
93% of Torquay United AFC Limited’s shares are owned by Michael Westcott, Mark Bowes-Cavanagh, Tom Allen, Matt Corby, Rob Hawes, and Simon Robinson. The remaining 7% are owned by approximately 600 Torquay United supporters through previous share issuance.
In response to the purchase’s completion, co-chair Mark Bowes-Cavanagh stated:
We are happy that the transaction is now finalised and that creditors have approved the Administrator’s considerate proposal.
We can now collaborate with the Plainmoor staff and move quickly through our plans thanks to it.
“We would like to express our gratitude to all of the staff members who have worked incredibly hard over the past few months in extremely challenging conditions.”
One of the new non-executive directors on the board is Neil Warnock.
After losing 11 points in the previous season, the National League South team finished in 18th place, avoiding relegation by seven points.
Earlier this month, they named Paul Wotton manager.
