Torquay United Association Football Club Limited (The) (00175954): administration
- Status
- Administration ended
- Administration began
- 2024-04-05
- Administrators
- Neil Frank Vinnicombe, Simon Robert Haskew, Scott Kippax
- Administrators' firm
- Begbies Traynor
- Formerly
- Torquay United Association Football Club P.L.C.(The)
- Incorporated
- 1921-07-26
- Location
- Torquay
- Industry
- 93110 Operation of sports facilities
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
From the administrators' statement
The Company’s history as a football club stretches back over 125 years. It currently competes in the National League South and is subject to rules and regulations of the National League and the Football Association (“FA”).
In December 2016 a 75% majority shareholding in the Company was acquired by Riviera Stadium Ltd and subsequently a further share acquisition took its share ownership to over 92% of the issued share capital. Riviera Stadium Ltd continued its financial support of the Company over the following seven years but that willingness or ability to fund the Company’s regular monthly spending deficit came to an end in February 2024. Clarke Osborne advised that his discussions regarding future partnership and funding of the Club and its proposed new facilities (stadium complex and academy complex) had collapsed and that Riviera Stadium Ltd was no longer willing to provide loan funding to the Club. As the directors were not able to secure adequate funding for the Company’s immediate cash flow needs, they sought advice from Begbies Traynor about the financial options available to the Company. The payment of February salaries was made possible only by a personal advance by Mr Osborne of £40,000.
A Notice of intention to appoint administrators (“NOI”) was filed by the Directors on 22 February 2024. That event provided the Company with an interim moratorium of the Court for a period of 10 business days, protecting the Company from any creditor enforcement action that could threaten the stability of its ongoing trading commitments.
Administrators' statement of proposals (2024-05-21) · Companies House register