Towcester Racecourse assets sold out of administration
The former owner of the stricken Towcester Racecourse Company, Lord Hesketh, has exited the business after administrators announced the sale of its assets to Fermor Land.
Lord Hesketh was born Alexander Fermor-Hesketh and is a former Conservative Party treasurer who defected to UKIP in 2011.
Fermor Land, which is registered in Milton Keynes and was incorporated on 18 October, says it is considering a range of options for the future of the racecourse and hopes to be able to make an announcement early in the New Year.
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 represents the best return to creditors, say administrators.
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 (BHA) for their support during the administration process.”