'You've got to be strong and sometimes sell the mares you love'

Breeding racehorses, especially elite performers, is usually the preserve of multi-millionaires with no commercial imperative. But a few brave souls further down the ladder do attempt to make a living out of it.

Can the act of buying expensive broodmares, sending them to expensive stallions and paying expensive keep fees and veterinary bills really be a viable money-making venture?

Perhaps, says one such small breeder we spoke to, but you'll need an excellent grasp of cash flow and the patience of a saint.