The start of the Welsh Grand National
Arena Racing Company, Britain’s largest racecourse company, has posted a £5.7m pre-tax loss in the first full year of trading since it was created from a merger between Arena Leisure and Northern Racing, writes Harriet Dennys. The company, started by billionaires David and Simon Reuben, saw turnover at its 15 racecourses reach £125.7m for the year to December 2013.
But it was hit by £15.5m of interest payments on bank loans, taking the company to an overall £5.7m loss for the year, compared to a £6.1m loss the previous year.
The courses owned by the group include Chepstow, the home of the Welsh Grand National, where Tom Jones has performed, and Doncaster, which hosts the St Leger. Despite challenges presented by the weather and the economy, attendance at the courses, which host 39pc of the UK’s horseracing fixtures, rose from 1.6m in 2012 to 1.9m.
ARC said the audiences were boosted by its live music events, which included the Kaiser Chiefs at Doncaster. The South Yorkshire course hosted a St Leger meeting generating £1.9m in profit. The group made sales of £3.75m to broadcaster At The Races, in which ARC is a major shareholder. Directors were “happy with the results”.
www.telegraph.co.uk
