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sad to hear he is hospital hope he gets well soon...........great trainer
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i always had a lot of respect for him but when he retired didn't he put the racing stables into liquidation (obviously within a company setting) and avoided various liabilities that should have paid to creditors and there were unpaid staff wages...correct me if i'm wrong
still on a personal level i hope he gets better
still on a personal level i hope he gets better
01/11/2012//by IanS
Castle Stables - work goes on
Just a few days after the announcement that John Dunlop’s business, Castle Stables Ltd, was going into voluntary liquidation, a meeting of creditors learned the full extent of the company’s debts.
Accounts from the past three years showed a deficit of £1.36m, a figure that far outweighed the £110,000 owed to Dunlop’s regular suppliers. They will not be paid, leaving vets, feed merchants, farriers and transport companies out of pocket.
The administrators, Portland Business and Financial Solutions set all this out, and Dunlop himself was on hand to see and hear reactions from his creditors, though he was unable to offer them any assistance. In September he had announced his retirement from training at the end of this season, and Tony Lindsell, a director of Atlantic Equine, one of the business creditors, summed up what many probably thought would have happened.
He told the Racing Post, “This is an ugly way for a great career to end. Many people and businesses have been seriously hurt by this. Probably like many of his other loyal suppliers, we assumed, once his retirement was announced, that everything would be paid off and wound up at the end of the season.”
During the meeting, it emerged that Dunlop had put £350,000 into the business in an effort to keep things going until then, but that money has now gone. Even so, that is a small price compared with the loss of livelihood and homes of many of the staff who worked at the Arundel stables.
Their redundancy and notice payments, amounting to £328,000 will be paid, although the sums paid out will be reduced, following Government changes which caps redundancy payments at 20 years. The reality of the position of those staff will strike home more obviously next week when George McGrath, chief executive of the National Association of Stable Staff heads down to the yard to help people complete their redundancy forms.
Castle Stables - work goes on
Just a few days after the announcement that John Dunlop’s business, Castle Stables Ltd, was going into voluntary liquidation, a meeting of creditors learned the full extent of the company’s debts.
Accounts from the past three years showed a deficit of £1.36m, a figure that far outweighed the £110,000 owed to Dunlop’s regular suppliers. They will not be paid, leaving vets, feed merchants, farriers and transport companies out of pocket.
The administrators, Portland Business and Financial Solutions set all this out, and Dunlop himself was on hand to see and hear reactions from his creditors, though he was unable to offer them any assistance. In September he had announced his retirement from training at the end of this season, and Tony Lindsell, a director of Atlantic Equine, one of the business creditors, summed up what many probably thought would have happened.
He told the Racing Post, “This is an ugly way for a great career to end. Many people and businesses have been seriously hurt by this. Probably like many of his other loyal suppliers, we assumed, once his retirement was announced, that everything would be paid off and wound up at the end of the season.”
During the meeting, it emerged that Dunlop had put £350,000 into the business in an effort to keep things going until then, but that money has now gone. Even so, that is a small price compared with the loss of livelihood and homes of many of the staff who worked at the Arundel stables.
Their redundancy and notice payments, amounting to £328,000 will be paid, although the sums paid out will be reduced, following Government changes which caps redundancy payments at 20 years. The reality of the position of those staff will strike home more obviously next week when George McGrath, chief executive of the National Association of Stable Staff heads down to the yard to help people complete their redundancy forms.
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