PROMINENT bloodstock industry figures remain optimistic that the upcoming National Hunt store horse sales will be unaffected by the deepening British political crisis and the weakness of the pound.

Over 500 stores are due to be offered for sale at the Goffs Land Rover Sale next Tuesday and Wednesday. A further 460 are catalogued for the Tattersalls Ireland Derby Sale later this month. British owners and trainers have traditionally underpinned the market at these sales though, in recent years, Irish point-to-point handlers have been the major spenders.

Strong prices achieved for point-to-point winners at recent horses-in-training sales means that many of the handlers are well-placed to re-stock this month, but there is uncertainty around the spending power of British investors, especially those whose businesses are threatened by Brexit fears and currency fluctuations.

However, there was encouragement to be taken from the recent Goffs UK Spring Sale at Doncaster where the store horse section produced record turnover and an 89% clearance rate.

Charles O’Neill, chief executive of Irish Thoroughbred Marketing, says the industry here cannot afford to be complacent. “All the indications from the horses-in-training sales and Doncaster is that next week’s trade should be okay, but we must keep fighting to get British buyers over here.”

O’Neill believes that the original Brexit vote a year ago had a negative effect on the flat yearling sales last autumn. “The number of UK buyers fell quite significantly. Trainers did not want to buy as much on ‘spec’ as they didn’t know if their owners would be affected. That sentiment has improved but this week’s election result could set things back again.

“The thoroughbred world thrives on economic certainty and we don’t have that.”

INDUSTRY MEETING

O’Neill made his comments after attending a Department of Agriculture meeting on Brexit and the thoroughbred industry in Portlaoise. Other industry figures in attendance included HRI chief executive Brian Kavanagh, Turf Club boss Denis Egan and its chief veterinary officer Lynn Hillyer, Des Leadon and Sarah McNicholas of the Irish Equine Centre, Michael Grassick of the Irish Racehorse Trainers’ Association and, representing Northern Ireland breeders, Denis MacAuley.

“The main message from today was that everyone in the thoroughbred industry has a duty to let their European colleagues know how important the business is to rural Ireland,” O’Neill reported. “As an island nation we have to make it easy for foreigners to come here and do business.”

Any restrictions on international horse transport introduced by Britain after it leaves the EU would have serious consequences for Ireland, added O’Neill. “As an example, a large number of French broodmares travel through Britain on their way to Irish stallion farms every year. We cannot give those breeders any reason not to travel.” A 17-hour ferry from France to Ireland would not be suitable for those horses, he said.

STRONG MARKET

Leading bloodstock agent Tom Malone expects strong prices at the Land Rover and Derby Sales. “The top buyers are not really affected by any of this, and the point-to-point men have got their money so they will go to war again in the middle market,” he said.

Wexford handler Denis Murphy, who trained 25 winners this season and had a string of six-figure sales, added: “All the trainers in my area seem to have had a good year and are happy.

“Everyone is talking up the sale, which isn’t what I want to hear, so I suppose trade will be strong.”

Earlier this week Brian Kavanagh told a Seanad committee that the British and Irish thoroughbred racing and breeding industries were inter-dependent.

“When it comes to exporting our racehorses – especially those destined for the jumps market – there is no replacement market for Britain and so, unlike many other Brexit-hit sectors, we simply cannot adapt our product to suit new markets,” he said.

Britain relied heavily on Ireland to supply the racehorses it needed to operate its racing industry, and Ireland relied heavily on Britain to buy its horses.

Any “uncoupling” of the relationship would be very damaging to British racing and “catastrophic” to the Irish racing and breeding industry, which was worth more than €1 billion per annum to the economy.

He hoped the Irish industry in conjunction with the British and French industries could compile a document for the attention of the European Commission’s chief Brexit negotiator Michel Barnier.

Barnier has set June 19th as the date on which he wants to begin negotiations with the British prime minister but this week’s inconclusive election result has thrown that date into doubt.