Torquay United set for takeover

The purchase from the Bryn Consortium is subject to creditor agreement. Under the terms of the deal the business would enter into a company voluntary arrangement, which would see all tax debts and trade creditors paid in full within six months.  

The club, which has climbed to as high as the third tier of English football in its 125-year history, had been administration after its former owner Clarke Osborne said in February that he and partners could no longer fund the club. It was subsequently deducted 10 points and ended the season in 18th place in the sixth tier.  

Scott Kippax – joint administrator of the club 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.” 

The Bryn Consortium’s lead Michael Westcott 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.”