Horse racing business bets on expansion with bank funding
A North Yorkshire race horse training business is expanding after acquiring new premises with the help of bank funding.
Established in 2001, Leyburn headquartered K B Spigot is a family run stables operating from Spigot Lodge in Coverham. Spigot Lodge, steeped in racing history, is named after the 1821 St Ledger winner Jack Spigot.
Situated between Middleham’s High and Low Moor gallops, there is a seven furlong uphill polytrack and a four furlong baby track as well as a grass gallop on Low Moor. The new funding from Barclays has enabled owners Karl and Elaine Burke to expand the business with the purchase of adjacent stables.
Karl Burke said: “We’re thrilled to have secured this deal which will enable us to develop the new site, Caphall Lodge, to provide stabling for a further 20 horses. We also have plans to build a covered ride which will mean we will be able to exercise the horses whatever the weather. Barclays funding has meant that we are now one of the best equipped horse racing stables in the North of England and we’re thrilled that Barclays were able to support the next phase of our growth strategy.”
K B Spigot employs more than 30 staff who look after the 112 horses they currently stable. Turnover for the year with the new facilities is expected to exceed £3m.
Michael Oliver, Barclays business relationship manager put together the funding package for the deal.
He said: “It’s great to be able to support a local business that is thriving and expanding for the future and contributing to the local rural economy. Spigot Lodge is one of the best horse racing stables in the Leyburn area and the acquisition of Caphall Lodge will further improve the facilities for the whole of the operation. The future looks very bright indeed for this North Yorkshire business.”
