'Stow business viable' says Holloway

SAVE OUR STOW campaign leader Ricky Holloway yesterday revealed details of the group's financial case concerning its attempted revival of Walthamstow.

The SOS figures, which show the stadium is viable as a going concern, are to be presented to Waltham Forest council and site owners Legal & Quadrant.

Holloway, who will meet and address local Lib Dem councillors tonight at 7pm regarding the campaign and the viability of the greyhound business, said yesterday: "We have seen previous operating figures for the track, and are confident that our own projections are realistic and will show that a profit can be made on the business.

"We feel the council have been hoodwinked by L&Q into believing that greyhound racing cannot make a profit at Walthamstow. I do not believe L&Q have used due diligence in researching the viability.

"We aim to show that greyhound racing is not dead, but part of a thriving betting industry, and I will refer to tracks like Peterborough and Yarmouth, where appropriate investment has resulted in profitability."

Based on a new racing format with a more-marketable Friday night replacing Tuesdays, switching the stadium to a more efficient one-sided operation and eating into expensive areas such as director salaries and benefit packages, the projection aims to turn an operating loss of around £200,000 for the last audited accounts available into a profit in excess of £2.5 million.

Holloway added: "We feel there are genuine soft targets within the previous accounts that can quickly be turned around. Also by generating new business and better use of facilities there is opportunity to develop new business.

"When all is said and done, the council have intimated a desire to see more than just social housing on the Walthamstow site, and we aim to provide a package that will suit all requirements."