Update from administrators on Great Leighs racecourse - Business Credit News UK
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Update from administrators on Great Leighs racecourse
 

Mar 19 2009
The Joint Administrators of the group of companies which own and operate the Great Leighs all weather racing complex have today confirmed that the sale process has so far been unsuccessful, following the rejection of both of the two leading bids.

Carlton Siddle, Joint Administrator and Deloitte Partner, commented: "Unfortunately neither of the offers were able to demonstrate sufficient financial support for us to recommend acceptance to the creditors. We have confirmed in writing to the creditors that the two bids were inadequate and have been rejected."

The Joint Administrators also confirmed that they have entered into discussions with the Royal Bank of Scotland, the main creditor, to investigate whether, in light of the rejection of the two bids, it could take ownership of the course in conjunction with a suitable racing operator. As part of this process, racecourse operators have been asked to submit bids to run the course.

Siddle added: "Negotiations are at an early stage and we continue to liaise with the BHA regarding the relevant licensing requirements and application procedure that will be needed before racing can return to Great Leighs. We are aware of the forthcoming negotiations for 2010 fixtures and are fully focused on working to ensure that Great Leighs participates fully in this process."

Carlton Siddle and Nick Edwards of Deloitte, the business advisory firm, were appointed as Joint Administrators to the group of companies that own and operate the Great Leighs all weather horse racing complex in Chelmsford, Essex, on 16 January 2009.


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