Towcester Racecourse’s future in doubt as directors seek to put the company into administration
This weekend’s greyhound meetings have all been cancelled following the decision by the directors to seek protection of the court by filing a notice of intention to appoint administrators. The decision was taken as the company said that it was experiencing trading difficulties. In a personal statement to staff, racecourse chairman Lord Hesketh said: "Towcester has been my life for over 60 years. That would not have been possible without the unique contribution that each and every one of us has made.
In further statements made by the directors they believe that there will be significant interest from buyers for the business given the heritage of the racecourse. The move will have been done in order to prevent a winding up petition being served on the company by a creditor. This is likely to have been HMRC, but there is no confirmation of this.
By filing a notice of intention to appoint administrators the company has been granted 10 working days protection from creditors to find a solution to its problems which may mean a restructuring of its debts or an outright sale.
The racecourse's history dates back to 1876, and in 1928 the first Lord Hesketh formed the present company and established the track under National Hunt rules.
Towcester’s horse track is due to stage three more races this year, with the first card on October 10, while greyhound meetings are staged every Friday, Saturday and Sunday evening, and also on Saturday mornings.