Truro City Football Club's make or break meeting with creditors

By Miles Davis, West Briton LINK

TRURO City Football Club faces a make-or-break meeting on Tuesday at which it will try to resolve its debt problem.

When the club went into administration in September, creditors' claims totalled just under £4 million but the figure on the table on Tuesday has come down to approximately £145,000, the West Briton can reveal.

The club went into administration in September last year after the club's colourful chairman Kevin Heaney was declared bankrupt.

Truro nightclub-owner Peter Masters and A2B taxi firm boss Philip Perryman stepped in to buy the club in October.

 

They say they are now looking to build solid foundations for the future by agreeing a Company Voluntary Agreement (CVA) whereby creditors would be paid back agreed sums over a three-year period.

The club could be under threat if an agreement is not reached on Tuesday.

The report by administrators Walsh Taylor states: "Failure to approve this CVA proposal is likely to result in a dissolution of the club, expulsion of the buyer from the Football Conference and no return to creditors."

Truro City were relegated this season from the Football Conference South to the Southern Football League Premier Division.

If a CVA is not agreed the club will remain in administration and face expulsion from the Football Conference. It would, according to the administrators' report, be most likely to re-enter in tier 9, the
Western Premier League, three leagues below the position it occupied last year.

The Walsh Taylor report states: "Such a drop would seriously jeopardise the ability of the buyer to continue to trade."

The suggestion that the drop would threaten the future of football at Treyew Road was given short shrift by current owner Mr Masters.

"TCFC would continue to play football at Treyew Road in any event," he insisted.

A previous creditors' meeting due in April was cancelled at the last minute due to continuing negotiations.

Mr Heaney's partner Julia Sincock, a company director of Dilby Limited, previously threatened to present a winding-up petition against the club if an alleged debt of £125,000 was not settled, but the claim was denied by Mr Masters. The latest list of creditors shows a claim for Dilby of £1.

Oxford United announce pre season friendly

Monday 29th July 2013.

Oxford United have announced on their official website that they will be playing Truro City on Monday 29th July, kick off 7.30pm.  This of course, is to be officially confirmed by TCFC.

LINK HERE

Another Truro City Legend leaves us

With news breaking last night that Truro City Legend, Marcus Martin is Tiverton bound, the full effect of the delayed CVA is now taking hold.  Uncertainty seems to be the key word, among players and fans.  Truro Fans wishes Marcus the very best at Tivvy.  Thanks for the last seven years' memories.

Meltdown memories to savour:

Lee Hodges - contract not renewed.

Andy Watkins moves to Bath City

Barry Hayles retires

Martin Watts moves to St Austell

Stewart Yetton signs for Weymouth Town FC

Cheers for the memories Lee.

Marcus Martin (and Adam Kelly) join Tiverton Town FC

Press Release From Tiverton Town FC

John Clarkson was tonight introduced to the media and Tivvy fans at a press conference at Ladysmead. Clarkson has arrived from Spain where he was manager of Ontinyent in Segunda B.

He had been managing in Spain for the last six years. He immediately announced his first three signings. Wide midfielder Adam Kelly has re-signed for Tivvy from Champions Poole Town. Kelly was a member of the highly successful Tiverton Town Under 18’s from a few years back managed by Hedley Steele.

Kelly was at the press conference alongside another new signing central defender Matt Villis, who joins from Blue Square South Weston-Super-Mare. He is another player returning to Ladysmead.

Ex Truro City player Adam Kelly also joins Tiverton Town

Third signing is ex-Truro City midfielder Marcus Martin who has been with the White Tigers since leaving Exeter City.

Marcus sadly leaves Truro City for Tiverton Town

Clarkson explained that he expects a number of other new signings by the end of next week, including two from Spain. “I am very close to completing my squad. Five players from last season's squad, Josh Concanen, Josh Searle, Tom Gardner, Alex Faux and Chris Wright have indicated they are willing to commit to next season” He explained he was looking forward to the challenge but was very tired after a 23 hour drive from Spain. “ Give me a week and I will be right up to speed” Exciting times indeed for the loyal Tivvy supporters.

CVA Update - Friday 17th May

CVA Update

The revised date for the CVA is now the 4^th June 2013. During the period up to this date we will be talking again to the Creditors who have not agreed to the assignment in a last ditch effort to persuade them to assist a successful outcome. Supporters will I am sure understand that debts incurred by the previous regime during their promotion drive at that time to reach the Conference South League will have to be addressed through the CVA process to make us eligible to enter the Southern Premier League.

It will therefore come as no surprise that given the level of debt at the point of Administration part of which can be attributed to management and players’ salaries difficult decisions had to be made. With this at least we can talk to the remaining Creditors who have in some cases lost in excess of 18k to ensure them that the errors of the previous regime have been corrected and this situation will never be repeated. This of course is no consolation to all of us that Truro City Football Club has lost the Freehold title of its Football Stadium at Treyew Road in circumstances what again appeared to have been its quest for success on the pitch at any cost.

To put it bluntly it would be immoral if we were to ask a Creditor on one hand to write off 18k and on the other offer new contracts to management and players at last season’s unsustainable levels. There is a comparison to be drawn however unpleasant it may be. A further review of the CVA will be undertaken before the meeting following the outcome of discussions with the remaining Creditors

Peter Masters

Chairman

Truro hang fire on naming new boss

Western Morning News 17th May. 2013.

Truro City are not expected to announce their new managerial set-up until the club knows what level they will be playing at next season.

And the club, which is still in administration, faces a race against time to agree a CVA with its creditors ahead of the Conference annual meeting on June 8.

A date for the CVA meeting has been set for Tuesday June 4th, just three days before the Conference meeting.

Club chairman Pete Masters said yesterday there were still three "hard core" creditors, owed around some £70,000, who had still to agree to the CVA.

 

Without that agreement City, who finished bottom of Blue Square Bet South, face a drop of up to three leagues to the Premier Division of the Western League.

And until the situation is clearer the club are in a difficult position as they try to assemble a competitive squad and managerial set-up for the new campaign.

The club is looking for a successor to Lee Hodges, who was told earlier this month that he would not be offered a new contract, and denied this week that head of football development, Steve Massey, would take charge, assisted by another former City boss Graeme Kirkup who is assistant manager to Nicky Marker at Ivybridge Town.

And another former City favourite Glynn Hooper, who has just stepped down as manager at Newquay, revealed that he had been approached about a possible coaching role at Treyew.

But with all the uncertainty surrounding what league City will be playing in next season, and the amount of travelling that will be involved, Hooper will not be rushing into any decision.

Masters said that Massey had been very busy talking to a number of players about next season.

There will be a lot of new players," he said. "But no firm decisions have yet been made, though contracts have been drawn up. We have to be flexible."

But he did confirm "without doubt" that the club would still be playing at Treyew Road next season.
Players thought to be interesting City include the Helston strike pair of former City player Liam Eddy and Mark Goldsworthy, the Bodmin duo of Chris Luxton and Olly Brokenshire and Falmouth Tow keeper Jason Chapman, another former City player.

But one player who will definitely not be at Treyew next season is striker Andy Watkins, who has joined Bath City after a glittering City career of 295 games and 143 goals.