Terras' debt slashed as CVA approved
By Derek Bish

Saturday 27th March 2010

WEYMOUTH Football Club has slashed its debt by 81 per cent in one fell swoop after successfully entering into a Company Voluntary Arrangement (CVA).

Terras’ chairman George Rolls had warned fans ahead of the crucial meeting in Chingford, Essex, that the club could be forced into liquidation if less than 75 per cent of creditors agreed with his proposal.

However, 80.9 per cent voted in favour, including major creditor and former chairman Malcolm Curtis, who held almost a quarter of the vote.

Rolls hopes the CVA can be the mark of a new beginning for the Terras and added: “I would like to thank all the creditors that have accepted the proposal. I do feel sorry for them that they will only get 9p in the pound of what they are owed, but we inherited those debts.

“We will make sure that we won’t allow debts to rise at the club and it will be run properly with the community involved.”

As a result of yesterday lunchtime’s decision, Wey-mouth will have to pay out around £1,500 per month to all creditors over the next five years after their debt was cut from in the region of £900,000 to just over £80,000.

No amendments were made to the CVA, as had been suggested by Steve Beasant, who still harbours hopes of getting involved with the Terras at boardroom level.

He revealed his fears in Thursday’s Echosport that an acceptance of the CVA without amendments would put a block on investigations into past directors and the controversial land deal.

There is a 28-day window for anyone to appeal the CVA decision.

Rolls has invited supporters to attend a fans’ forum at the Wessex Stadium’s Weyline Lounge on Monday at 8pm where the board will be discussing the future of the club.