Major British racecourse falls into administration

Blog Insolvency

The future of Towcester racecourse has been placed into major doubt after the owners of the course revealed steps are being taken to place the business into administration.

The Northamptonshire track until now has hosted both horse and greyhound race meetings but in recent days, owners have announced that all future meetings as of this Saturday have been cancelled as they take steps to place the business into administration.

The shock announcement comes just four years after Towcester opened its new greyhound racing track inside the racecourse which hosts the annual Greyhound Derby, the sport’s most prestigious race.

The owners of the course Towcester Racecourse Company Limited say trading difficulties have forced the decision.

In an official statement, they said: “Towcester Racecourse Company Limited, proprietors of Towcester Racecourse, are currently experiencing trading difficulties and are in discussions with key stakeholders and professional advisors on the way forward.

“However, the directors have concluded that they have no alternative in the short term but to seek court protection and are now taking steps to place the company into Administration.

“Whilst inevitably there will be considerable interest from customers, supporters and suppliers, the directors ask that they be given time to focus on exploring other options for the business and they anticipate there will be a further update in the next few days.

“The directors remain hopeful that despite the current situation, given the significant history of horseracing and more recently greyhound racing at Towcester, there will be significant interest from potential acquirers.”