Towchester Racecourse offered for sale
Date: 3rd September 2008 |
PDF Version 
Towcester Racecourse, the private National Hunt venue owned by Trusts associated with the Hesketh family, is to be offered for sale with effect from today.
The 1 mile 6 furlong racecourse, set in picturesque parkland in Northamptonshire, is renowned as one of the most testing National Hunt tracks in the country. Tight corners and a steep four furlong finale to the 10-fence course are notorious contributors to form book upsets.
Towcester, operated by the Towcester Racecourse Company (“TRC”), has undergone an extensive £10 million expansion programme in recent years including the £5.7 million construction of the Empress Stand in 2005 and a £1.8 million investment in stables and ancillary facilities during 2002-03.
Commenting on the proposed sale, Chris Palmer, Chief Executive of TRC, said: “The Hesketh family has always taken immense pride in Towcester and it is no secret that the facilities available to all members of the horseracing community at this Racecourse are second to none.
“Race-day income, largely generated from media rights, betting and catering, is the lifeblood of the business but, thanks to the quality of our assets, this is more than matched by hospitality income, our other principal revenue stream. The £10 million investment programme effectively underwrites our hospitality income and our hospitality income effectively underwrites our profitability.”
The Empress stand is named after Her Imperial Majesty Elizabeth, the Empress of Austria, who decided to establish a race meeting of her own at Easton Neston on Easter Monday 1876, inspired by a steeplechase held in her honour at the same venue. This became an annual event and, in 1928, the first Lord Hesketh established Towcester Racecourse under National Hunt Rules.
It was to celebrate the opening of the Empress Stand in 2005 that Towcester became the first UK racecourse to offer free admission to the public, a marketing initiative that has been rigorously maintained. The exceptions to the free entrance custom are the Boxing Day and Easter Sunday meetings, each of which are subject to a £10 adult admission charge to ensure optimum spectator levels.
Towcester held 16 fixtures involving 1,176 runners during the October 2007 to June 2008 season, an average of upwards of 70 runners per meeting. High profile trainers regularly attracted to Towcester include Jonjo O’Neill, David Pipe and Nigel Twiston-Davies.
The sale process is being handled by Knight Frank and Alaris Capital, an associate of Cavendish Corporate Finance.
Ends
For further information please contact:
Chris Palmer
CEO Towcester Racecourse Company
Tel: 020 7389 3839
Robert Fanshawe
Knight Frank LLP
Tel: 020 7861 1373
Nadja Vetter
Cardew Group
Tel: 020 7930 0777