Chester Race Company Limited

Chester Race Company Limited: A Legacy in Horse Racing and Hospitality Excellence

Chester Race Company Limited is a distinguished entity in the UK’s horse racing and leisure industry, with a rich history dating back to its incorporation on 21 November 1892. Headquartered at The Racecourse, Chester, Cheshire, CH1 2LY, the company has evolved into a multifaceted organization, managing multiple racecourses, hospitality venues, and catering services.

Historical Background

Chester Racecourse, managed by Chester Race Company, holds the distinction of being the oldest racecourse in the world still in operation, with its inaugural race held in 1539. This long-standing heritage has cemented its status as a premier destination for horse racing enthusiasts.

Business Operations

Chester Race Company Limited’s operations encompass several key areas:

• Racecourse Management: The company owns and operates Chester Racecourse and Bangor-on-Dee Racecourse. In June 2020, it expanded its portfolio by securing a long-term operating contract for Musselburgh Racecourse in Scotland.
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• Hospitality and Catering: The company manages on-site restaurants, including 1539 Restaurant & Bar and The White Horse, as well as the city-centre bar Commonhall Social. Its catering division, Horseradish, delivers services for events, race meetings, and conferences at various venues, including Chester Town Hall and Liverpool Cathedral.
• Hotel Services: Chester Race Company operates the Holiday Inn Express located on the racecourse premises, providing convenient accommodation for visitors.

Financial Performance

In the financial year ending 31 December 2023, Chester Race Company reported a turnover of £37.65 million, reflecting a 9% increase from the previous year. The company achieved a pre-tax profit of £1.8 million, surpassing the previous year’s profit of £600,000. This growth was realized despite challenges such as rising operational costs and fluctuating consumer demand.

Leadership and Governance

The company’s leadership team includes:

• Chairman: Ian O’Doherty, who has overseen the company’s strategic direction and growth initiatives.
• Chief Executive Officer: Louise Stewart, appointed in March 2022, brings extensive experience in the leisure and tourism sectors.
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The board also comprises directors with diverse expertise, contributing to the company’s robust governance framework.

Community Engagement and Economic Impact

Chester Race Company plays a significant role in the local economy, generating approximately £54.1 million in expenditures annually and supporting around 974 full-time equivalent jobs, accounting for 24% of employment in the recreation sector.

The company is committed to corporate social responsibility, engaging in initiatives that benefit local communities and promote environmental sustainability.

Challenges and Future Outlook

The company has navigated challenges such as increased utility costs, national living wage increments, and heightened food and drink prices. Despite these hurdles, Chester Race Company has implemented efficiency measures, including reducing energy consumption and optimizing staffing, to mitigate financial pressures.

Looking ahead, the company aims to continue delivering exceptional experiences to guests and anticipates capitalizing on improved economic conditions to enhance profitability and expand its offerings.

Conclusion

Chester Race Company Limited stands as a venerable institution in the UK’s horse racing and leisure industry. With a rich heritage, diversified operations, and a commitment to excellence, the company is well-positioned to sustain its legacy and contribute to the regional economy while adapting to contemporary challenges and opportunities.