Independent ownership breeds success at Roodee

Apr 23 2008 by Tony McDonough, Liverpool Daily Post

Tony McDonough meets RICHARD THOMAS, chief executive of the Chester Race Company

MANY of the country’s top racecourses now belong to larger corporate groups, but it is perhaps fitting that the oldest of them all – Chester – retains its independence.

This, says Richard Thomas, chief executive of the Chester Race Company, is a strength, as it allows him and his management team the freedom to make decisions and act upon them more quickly.

“I believe independent courses are in a stronger position because they have much greater flexibility,” said the 37-year-old. “Courses that are part of the bigger groups are more constrained over what they can spend.”

And Thomas and his team certainly make use of that flexibility; they have spent the last few years ensuring the business is much more than just a racecourse.

Thomas took the helm in August, 2000, and at that time the company was turning over around £400,000 a year. Today, that figure stands at more than £13m, with a profit fast approaching £3m.

The Chester Race Company was established in 1892, but it wasn’t until 2002 that the company’s growth really started to take off. In that year, it acquired Bangor-on-Dee – a jump racing course in North Wales.

The following year, it took on the franchise for the Express Holiday Inn Hotel at Chester Racecourse.

The latest phase of its expansion is well under way; a multi-million pound revamp of the course has included £1m spent improving the paddock facilities, a £1m upgrade and extension of the County and Tattersalls stands, and a £2m investment in the Old Port Stable development.

A swish new restaurant has also just opened at the course – just in time for its biggest race meeting of the year in May.

The eaterie – 1539 – is named after the year racing first took place and is a joint venture with Heathcotes Outside.

Said Thomas: “We are in a fantastic location and believe the racecourse really lends itself to a restaurant of this calibre. We are proud to have been able to turn this project around so quickly.

“We are providing something which is really unique here for both race-goers and the dining public of the North West.

What makes 1539 so special is the fact that it will be open all year and not just on race days.

“This is a big investment for the racecourse, but we believe that it will provide significant future growth for the business. It is important we have a diversity to our income streams.”

Horse racing, of course, is the company’s raison d’etre and in this area, too, there has been significant growth, with the number of annual meetings at Chester – also known as the Roodee – growing from just three to 14 over the past decade.

Chester’s racing is exclusively on the flat (the nags don’t jump fences) and is a Group 1 course, which means it regularly attracts top-class horses and jockeys. Another advantage it has over other courses it that it is situated within the city centre.

“Our fixture list is a very good one,” said Thomas. “Our biggest meetings are May, where we are averaging crowds of around 20,000 a day, and July.