134 jobs axed at East Midlands racecourse

Towcester Racecourse in Northamptonshire has fallen into administration just days after cancelling its weekend meeting.

Mark Orton and Will Wright from KPMG have been called in as joint administrators to the Towcester Racecourse Company.

The business employed 137 staff at the time of appointment, 134 of whom have been made redundant. A skeleton staff of three people has been kept in place to help the administrators who says they are looking for a buyer for the business and its assets.

Orton said: “In recent months, the company has experienced significant financial difficulties and the directors have been working with shareholders and stakeholders to identify a workable long term solution.

“Sadly, this has not been possible and as a result the directors have taken the difficult decision to place the company into administration.

“This, unfortunately, resulted in the redundancies which have been announced today. We will be working with all affected employees and the Redundancy Payments Office to ensure the full range of support is available.

“We will also be exploring the possibility of securing a sale of the business and its assets and would encourage any interested parties to contact us as soon as possible.”