Torquay United Saved By a CVA

Non league club Torquay United AFC have fulfilled the terms of their Company Voluntary Arrangement (CVA), marking a formal exit from administration.

A statement has now confirmed that all tax debts, football and trade creditors are now paid in full, giving the club “significantly more financial freedom”.

Devon based, Torquay United, of the National League South, have formally gone into administration.

This comes following the deadline which passed on Thursday for any potential bidders to bring some saviour capital.

Clarke Osborne, owner, announced his intention to appoint administrators for the club in February, two months later and the intention was made a reality.

In March the Gulls faced a 10 point deduction so there will be no further sanction. This paves a more positive outlook despite the situation, particularly as administrators are said to be in talks with interested parties already.

Begbies Traynor’, Scott Kippax, Neil Vinnicombe and Simon Haskew, will be handling the administration process. In the meantime, the club will be run by directors, George Edwards and Mel Hayman, on a voluntary basis. As for any creditors, the club secretary is contactable directly.

“A further announcement is anticipated within the next two weeks when the administrators hope to confirm that the club’s future has been secured.”

Will it be the final whistle?

Devon Live shares more and Torquay United answer FAQs for fans, on their website.