Capital Projects

The Board last invited loan applications in 2018 when the application and assessment process was as set out below. The Board will give consideration to whether to invite new applications before mid-2020.

 

Capital Loans for 2018

The Levy Board is inviting applications for loans in 2018 and set out below is a summary of the application and assessment process.

If you would like to be considered for a loan in 2018, please provide to HBLB by no later than Monday 19th March 2018 a brief description of your proposed project, in outline only, and include an indication of the category into which you consider it falls (see paragraph 1 below), the likely development timescale and the amount sought. There is no need to provide full plans or detailed financial projections at this stage. You are asked please to email the information to HBLB’s Finance Director, David McCormick, on david.mccormick@hblb.org.uk.  If you have any questions, please call him on 020 7333 0043 or 07876 395963.

Outline lending process for 2018

(1) The total amount that the Levy Board will be making available for loans will be confirmed in spring 2018 but this is not expected to be less than £5m. The Board’s priorities for lending are, in order:

a) Capital improvements needed as a result of BHA/legal requirements.
b) Non revenue generating loans for horse specific projects e.g. turf, drainage, stabling etc.
c) Revenue generating loans.
d) Loans to parties other than racecourses for the improvement of horseracing or other HBLB responsibility.
e)Racecourse loans for non-horse specific projects.

(2) For all loans, the Board will charge an arrangement fee of 1.5% of the total loan value and the rate of interest charged on outstanding amounts will be 4% per annum.

(3) The repayment term for any loan will be four years. In the event that HBLB is abolished before the end of the loan term, it is expected that the Racing Authority will assume responsibility for management of the loan on the same terms.

(4) The minimum loan granted will be £50,000.

(5) The maximum loan granted per project will be considered on an individual basis but may be limited if a large number of applications are received by HBLB. This is to ensure that the monies are allocated as fairly as possible and not lent to only one or two racecourses for larger projects. Furthermore, all loans are subject to a detailed assessment of the applicant’s financial circumstances and adequate security being provided.

(6) Large projects will be subject to review by HBLB's external cost consultants so as to ascertain to the Board’s satisfaction that they are both realistic and achievable.

(7) The maximum loan granted, as a proportion of the total project cost, will be 75%.

(8) By Thursday 29th March 2018, you will be advised of the prospect of your project receiving funding and, if selected, you will be asked to submit a detailed application.

(9) Detailed  applications  will  be  required  by  Monday 30th April 2018,  although  for  loans of £200,000 or less, a racecourse will not be required to provide documentation to the same extent as for higher value projects.

(10) Detailed applications will be considered by the Levy Board’s Investment Committee during May/June 2018, with final approval or otherwise being given by the Levy Board at its meeting on Wednesday 13th June 2018.

As a general rule HBLB will only consider loan requests based on the timetable outlined above. However, should a racecourse identify an urgent mid-year requirement for loan funding, consideration will be given to such a request on the condition that it falls under either Category (a) or (b) (see paragraph 1) and is de minimis in value.

Capital Credit Scheme

The Capital Credit Scheme enables racecourses to accrue all or part of their grant payments from the Levy Board which can then be drawn down by racecourses for future use to support capital projects, including meeting their loan repayments.

The principles as to which projects are eligible for Capital Credit use are the same as for racecourse loans. The agreed criteria of the Board’s priorities in assessing applications are:

a) capital improvements needed as a result of British Horseracing Authority/legal requirements;
b) non-revenue-generating loans for horse specific projects e.g. turf, drainage, stabling;
c) revenue generating projects;
d) non-horse specific projects.

All authorised users of HBLB's Racecourse System can download a Capital Credit Scheme guidance note and Capital Credit project application template on the 'Other Information' tab of the Racecourse System's dashboard. 

New Capital Credit Projects 2018

Approved Date Racecourse Description Value
January 2018 Taunton Towards the creation of a second exit from its car parks near the public highway £26,964
January 2018 Hamilton Park Towards works to the racing surface of the track £12,960
March 2018 Pontefract Towards installation of a WiFi system and hard wiring for the new pool betting system £88,102
May 2018 Fakenham Towards building a new facility for guests and winning owners £80,000
May 2018 Taunton Towards building an overflow reservoir £19,418
June 2018 Hamilton Park Towards the infrastructure and equipment required to operate the new pools betting system £65,106
September 2018 Kelso Towards building a new parade ring and winners' enclosure £196,047
October 2018 Chester Towards demolishing the Watergate Pub and creating a new entrance to Chester racecourse £1,071,781
October 2018 Thirsk Towards the building of a new trackside owners' and trainers' facility £160,000
December 2018 Catterick Towards improvements of the parade ring and an extension and refurbishment of the weighing room E160,000
December 2018 Catterick Towards the balance of upgrades made to the West End Entrance, saddling boxes and office block project (a project approved by the Board in 2016) £171,797
December 2018 Pontefract Towards the extension and refurbishment of the owners' and trainers' facility £142,797
    Total for 2018 £2,064,578


New Capital Credit Projects 2019 

Approved Date Racecourse Description Value
January 2019 Chester Towards the demotition of the Watergate Pub and creation of a new enrance area £342,861 (increase)
January 2019 Fakenham Towards the building of a new winning owners' enclosure and guests' pavilion £17,000 (increase)
January 2019 Hamilton Park Towards the replacement of the pre-parade ring surface £47,600
January 2019 Newbury Towards a new main parade ring with viewing steppings, horse walks and associated landscaping, ancillary betting pods and a new southern costumer entrance £3,000,000
January 2019 Salisbury Towards the replacment of the racecourse irrigation machine £34,290
March 2019 Leicester Towards a new horse walk, shower block, raceday bars, cellar and storage containers £35,115
May 2019 Ludlow Towards the purchase of a rigid framed structured marquee which would serve as a permanent facility to entertain owners, trainers and guests £75,000
May 2019 Salisbury Towards the racecourse extending its Wi-Fi to reach the stable staff accommodation and canteen £6,797
September 2019 Catterick Towards building a new owners' and trainers' facility £1,040,585
October 2019 Salsbury Towards the refurbishment of the Paddock bar and surrounding areas £559,612
November 2019 Chester Towards funding Parade, a new hospitality space £1,234,722
November 2019 Pontefract Towards funding the renovation and conservation of an old Tote building into a bar and food servery £119,334
November 2019 Salisbury Towards the purchase of a tractor for general course and estate work £36,290
    Total for 2019 £6,549,206
 


 

Last Updated: 09 February 2020