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Towcester racecourse assets sold to company linked to Hesketh family

Towcester: racing assets sold to new company on Tuesday
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The fate of Towcester racecourse will not be known until the new year after the administrators of the track revealed on Tuesday they had sold the assets required for racing to a company linked to course chairman Lord Hesketh.

The buyer is local company Fermor Land LLP – Lord Hesketh was born Thomas Alexander Fermor-Hesketh – which is considering a range of options for the future of the course and hopes to be able to make an announcement early next year, according to the administrators KPMG.

KPMG said in a statement: "The assets included in the sale are the ten Towcester horse racing fixtures, machinery, equipment, buildings [stands] and dog track located at Towcester Racecourse. Having received a significant amount of interest in the assets, the offer received from Fermor Land LLP represents the best return to creditors."

No details on how much was paid for the assets have been released.

KPMG said the sale ended the day-to-day running of Towcester Racecourse Company by Lord Hesketh. It was revealed in Tuesday's Racing Post that trusts linked to Hesketh had been in contact with the Jockey Club about running the course.

Fermor Land was only incorporated on October 18, according to Companies House, which lists two officers for the company.

Lord Hesketh: family linked to Fermor Land LPP

One of them is Anthony Henry Westropp, better known as Harry. He is Lord Hesketh's brother-in-law and is a trustee for two Hesketh Family trusts.

The other officer is Fermor Holdings Limited, for which there are no records yet lodged with Companies House.

Towcester went into administration in August after reporting "significant financial difficulties" less than six weeks after hosting the Star Sports Greyhound Derby and before the start of its jumping season.

Last month it was revealed 28 parties had shown initial interest in buying Towcester's assets with four offers being received by the September 26 deadline.

Partner and joint administrator Mark Orton said: "We are delighted with the sale of the Towcester Racecourse Company assets. I would specifically like to thank the British Horseracing Authority for their support during the administration process."

The BHA said it would be speaking to the new owners in due course. Media manager Robin Mounsey said: "We are aware of the development regarding the sale of key assets at Towcester racecourse. We look forward to meeting with the new owners to discuss their plans for the course."

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Having received a significant amount of interest in the assets, the offer received from Fermor Land LLP represents the best return to creditors

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