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Administrators appointed to Towcester Racecourse Company Limited

Administrators appointed to Towcester Racecourse

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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.

 

-ENDS-

 

For media enquiries only, please contact:


Jo Chileshe, KPMG Corporate Communications
T: +44 (0)121 232 3343
M: +44 (0)7919 211 803
E: jo.chileshe@kpmg.co.uk

Follow us on twitter: @kpmguk

 

KPMG Press Office: +44 (0)207 694 8773

 

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 14,500 partners and staff.  The UK firm recorded a revenue of £2.2 billion in the year ended 30 September 2017. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and territories and has 200,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

 

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