Racecourse revamp set to go ahead

Newbury racecourse will undergo a major facelift in an effort to broaden its appeal after suffering losses in 2008.

The Berkshire racecourse has been hit badly by the economic downturn, resulting in reduced demand in both the conferencing and events sectors.

Plans include proposals to build a hotel, restaurants and a coffee shop as well as housing on its surplus land. Work is scheduled to begin next autumn.

Racecourse officials announced pre-tax losses of £96,000 in 2008.

Newbury Racecourse hope the revamp will help to boost revenue on non-race days.

The racecourse has entered into a joint venture with residential builders Barratt Developments and David Wilson Homes and aim to redevelop surplus land on the site.

Sales boost

Newbury received £1.5m from its development partners last May, which helped it record operating profits of £258,000 against losses of almost £2m in 2007.

A spokesperson for the racecourse, said: "With the continuing economic downturn affecting all areas of the business we will maintain tight control over costs and push forward our successful operational initiatives to broaden the appeal of the racecourse as a leisure and events business."

Last year the racecourse launched an in-house catering service, which boosted public sales on race days by 32% - but officials said that this rise in turnover was counterbalanced by the losses felt in commercial sectors.

Work is scheduled to begin next Autumn, subject to planning permission being granted.