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The takeover of Torquay United by the Bryn Consortium of local businessmen has been completed.

Creditors have approved a Company Voluntary Agreement (CVA) which will see all of the club's creditors paid within six months.

Consortium members Michael Westcott, Mark Bowes-Cavanagh, Tom Allen, Matt Corby, Rob Hawes, and Simon Robinson will take over 93% of the club's shares, with the remaining shares owned by around 600 other fans.

Bowes-Cavanagh and Westcott will become joint-chairmen while the rest of the consortium will join the club's board of directors along with football director Neil Warnock.

Former owner Clarke Osborne, who put the club into administration in April after announcing he was unable to fund the club in February, has resigned as a director.

Osborne's fellow directors George Edwards and Mel Hayman have also resigned from the board.

“We are delighted that creditors have accepted the administrator’s thoughtful proposal and that the transaction is now complete," Bowes-Cavanagh

"It now allows us to work with the staff at Plainmoor and execute on our plans at speed.

"We’d like to say thank you to all the staff who have worked tirelessly over the past few months under extraordinarily difficult circumstances.”

The club has yet to sign any new players although new manager Paul Wotton has appointed Mike Edwards as his assistant.

Edwards, 44, played for the likes of Hull City, Grimsby, Carlisle and Notts County and was performance coach alongside Wotton at Truro City last season.