22nd August 2018
Mark Orton and Will Wright, from KPMG’s Restructuring practice, were appointed Joint Administrators to the Towcester Racecourse Company Limited on 21st August 2018.
Towcester Racecourse has a long tradition and heritage associated with national hunt racing and has developed an attractive greyhound racing offering in recent years, including hosting the prestigious England Greyhound Derby.
The business employed 137 staff at the time of appointment, 134 of whom have been made redundant. A skeleton staff of 3 people has been kept in place to help the Joint Administrators whilst they seek a buyer for the business and its assets.
Mark Orton, Joint Administrator and Partner at KPMG, 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. This, unfortunately, resulted in the redundancies which have been announced today. We will be working with all affected employees and the Redundancy Payments Office to ensure the full range of support is available.
“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.”
Any parties interested in the business and its assets should call Gareth Shaw on 0121 232 3288.
