Fri, 24 Aug 2018 | ADMINISTRATION
After experiencing a series of “trading difficulties”, Towcester Racecourse has gone into administration.
Mark Orton and Will Wright of KPMG’s restructuring practice have been appointed as joint administrators and a skeleton staff have been put in place until a buyer can be found for the business and its assets.
Orton said: "In recent months, the company has experienced significant financial difficulties and the directors have been working with shareholders and stakeholders to identify a workable long-term solution.
"Sadly, this has not been possible and as a result, the directors have taken the difficult decision to place the company into administration.
"We will also be exploring the possibility of securing a sale of the business and its assets and would encourage any interested parties to contact us as soon as possible.”
As well as horse racing, the racecourse's venue in Northamptonshire also holds greyhound meetings, and is often used to host a number of corporate events and weddings. The Greyhound Derby has been hosted there for the last two years and after jockey AP McCoy recorded his 4,000th career win there in 2013.
Seamus Mullins, chairman of the National Trainers Federation's National Hunt Committee, said: "“There is always a great atmosphere there, and racing simply can’t afford to lose a local track like this. Racing is not all about Cheltenham and Aintree – the Towcesters of this world are of huge importance too.”
Last week, Towcester announced it was cancelling all upcoming races and events amidst the difficulties.
The history of the racecourse dates back to 1876.
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