THE dramatic fall in the value of sterling against the euro is threatening to undo the efforts of Irish Thoroughbred Marketing to attract British owners, trainers and breeders to invest in the Irish market.

Just under a year ago £1 was worth €1.42 but yesterday the £1 was trading at €1.11. This has made Ireland considerably less attractive to British buyers and owners.

Both the major sales companies here acknowledged that British spending at the recent sales was back on previous years. The dip in spending was attributed more to economic uncertainty than currency fluctuation.

Ireland is Europe’s largest producer of thoroughbreds and exports last year were estimated to be worth €270 million. Britain is by far the largest export market. The number of active racehorse owners here has declined sharply since 2008.

This week ITM and Horse Racing Ireland revealed plans to bolster their efforts to attract British buyers to Ireland. A new Racehorse Ownership Department has been created within HRI, dedicated to the recruitment and retention of racehorse owners in Ireland. The new department will divide its focus between owner relations and owner recruitment.

Both HRI and ITM hosted an evening for British-based racehorse owners in the Irish Embassy in London on Thursday night, thanking existing owners and enticing others who have yet to put a horse in training here. One benefit of the sterling crash is that Irish prize money levels are now more attractive.

Charles O’Neill, chief executive of ITM, said: “Since the Brexit vote we have been putting a lot more work into the UK. It’s easier now for British owners and trainers to stay within their own market – we saw less of them at our sales - so our policy is to meet these key people as often as possible and remind them that Ireland is where the best horses are.”

His colleague Aidan McGarry, who has been appointed Owner Relations Manager, moving from his role as Racehorse Ownership Manager, says that training fees in Ireland remain lower than in Britain in terms of basic daily rates. “Also the lower cost of transport (much less mileage) from yard to racecourse along with the likely hikes in the cost of diesel in Britain, makes for a significant saving for an owner in Ireland. The fluctuations in sterling at the moment sees the euro go a lot further when converted back to sterling, which makes the prize money levels in Ireland even more appealing again for British-based owners.”

An Owner Recruitment Manager will be employed whose role will focus on attracting new owners. Completing the new department will be Caroline Townend who will join the team as the Ownership Administrator.