Towcester Racecourse makes 134 of 137 staff redundant after appointing administrators
Towcester Racecourse has made 97.8 per cent of its staff redundant after appointing administrators on Tuesday (August 21).
Last week, Towcester Racecourse Company Limited announced it was cancelling all upcoming races and was experiencing "trading difficulties", prompting its directors to place the company into administration.
The business employed 137 staff before it appointed KPMG as joint administrators, 134 of whom have now been made redundant.
A skeleton staff of three people has been kept in place to help KPMG's administrators, Mark Orton and Will Wright, while they seek a buyer for the business and its assets.
Mr 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.”
Any parties interested in the business and its assets should call Gareth Shaw on 0121 232 3288.