Goffs set to enter British market

Co Kildare-based bloodstock auctioneer Goffs is to enter the British market with an annual "breeze-up" sale at Kempton Park racecourse, near London.

The first sale next March is seen as initial foray into Britain in advance of further regular sales.

The Goffs Bloodstock Sales managing director, Matt Michell, said he expected a turnover of between €3 million and €5 million at the first two-year-old breeze-up sale on the all-weather track at Kempton Park.

In a breeze-up sale, horses that have yet to run a race are galloped over a short distance so that prospective buyers can view them before they go through the auction ring.

Goffs thoroughbred sales last year had a turnover of €105 million, he said.

He declined to reveal profitability as the figures will not be published for some months but said the bloodstock sales division had enjoyed "a very positive year".

According to Goffs, the Kempton Park event on March 9th 2007 will be the only such sale in Europe to be held on an all-weather track.

Citing sale results "in the last three years", Mr Mitchell said he expected an annual growth rate of 20-30 per cent at the Kempton Park sale.

Given the increased acceptance of the "polytrack" all-weather surface in the US, he believed there was a worldwide market for breeze-up sales.

However, Mr Mitchell went on to say that Goffs would not limit itself to the breeze-up format in Britain.

In line with its Irish business, the company is examining opportunities to hold yearling and national hunt sales in that market.

"We will clearly look at what opportunities can emerge and will evaluate those opportunities with a view to having further sales," Mr Mitchell said.

Goffs said its agreement with Kempton Park was exclusive. The racecourse company said it looked forward to a successful association with the Irish company.

"We approached Goffs with this idea as we admired their forward vision and continual pursuit of raising the bar in the bloodstock industry," said Julian Thick, a company representative.

To help market the sale, potential purchasers will be offered an opportunity to buy two-year-olds bought at its "Goffs Million" yearling sale next September.

Such horses will be eligible later next year to enter the Goffs Million Sale races for colts and fillies, which each carry a prize of €1 million for the winner.