How did you get into racehorse ownership?

I was a small punter for years, then did reasonably well businesswise and could afford to have a horse.

I ended up having a horse with Paddy Mullins. His assistant, and also an amateur jockey, was his son Tom and we have been friends ever since.

My first horse with the Mullins was Instant Tan.

He won the Noel McCabe Distributors EBF Hurdle at Leopardstown in February 1989 and we sold him just before Cheltenham and received substantial money for the time.

I never had that level of investment return again in terms of selling but have had lots of winners.

I wasn’t really involved in ownership for a while but decided to get back into this year. Unfortunately last year I developed septicaemia and had severe health problems for some time.

When I recovered I bought three horses through Tom (Mullins) and the three have won five races between them and have also all been placed second.

Not bad!

What was your best day at the races and why?

In recent times it was when Court Maid won a bumper at Galway in August. She was the first of these three horses to win. She got a great ride from Finny Maguire and won by a short-head.

My wife Anne and I were ecstatic, this was a Galway Festival winner. Anne had nursed me throughout my illness. Now she loves racing.

What is the biggest drawback about being a racehorse owner?

Seeing what the handicapper does to your horse when you have a bit of success. I understand the system but it is frustrating. Rocky Blue was second in three races last summer and then won a handicap in Navan in September and he was put up 12lbs for beating very moderate animals none of whom have done anything for the form since. There isn’t much point in protesting – the handicappers are demi-gods.

In the UK, the handicapper is much quicker to respond if a horse loses after a winning streak and can reduce the mark very quickly. Here it takes an age for your horse’s handicap to be brought down.

Why there is such a difference in outlook I am not sure.

In your experience, which racecourse in Ireland treats owners the best and why?

The thing that has surprised me is how owners are treated now. Tremendous strides have been made. Some courses offer lunches to owners and some offer drinks.

At Galway we had our own specific owners’ area of a very high standard. And it was well policed so that it was comfortable and not overcrowded.

At Killarney we had a bad experience as anyone was being let into the owners’ area once the security lads at the door accommodated their own friends.

Flat or jump racing, which do you prefer and why?

I like them both – I enjoy going to the Curragh and Naas.

I always owned more National Hunt horses because the Mullins were training them. Tom trains two flat horses for me and both have gone hurdling recently.

What qualities do you look for in a trainer?

Honesty, which is sadly lacking in a lot of trainers. They want to keep your horses in training so they tell you what they think you want to hear.

Tom tells you the form and ability of your horses in a totally straightforward way.

If trainers were more honest and told the truth to owners they would be better off. I’m a businessman, as are many owners, and am used to taking decisions depending on the situation to hand – bad or good.

I met a trainer again recently who I used to have a horse with, an affable man and he asked me if I would send him a horse again. I said: ‘I can’t trust you, you. You told me things about my horse and you were only having me on.’

He admitted it – it’s madness, they are only shooting themselves in the foot.

What improvements would you like to see racecourses in Ireland do for owners?

Nothing really just keep the standards up. Punchestown has a superb new room for owners and trainers. It’s very comfortable with free food on offer and you can sit there all day with an excellent view of the track. You wouldn’t think twice about bringing guests.

Many tracks are family friendly and even for a fairly routine race the winning owner receives a trophy. This all enhances the ownership experience.

What significance do your colours hold?

None – just a choice. We picked them out and the yellow and red striped cap is easy to spot in a race.

When buying a horse, what do you look for?

I rely fully on Tom Mullins’ knowledge.

What horses do you currently have in training?

Court Maid, Rocky Blue and Nam.

What’s next on the agenda for your horses?

Rocky Blue is entered on Wednesday at Leopardstown in the big three-year-old hurdle, the Knight Frank Juvenile Hurdle.

Last time out at Punchestown in November, he was second to a good one of Jessica Harrington’s Got Trumped. I love him, he’s improving all the time.

Court Maid will go in one of the two and a half to three-mile handicaps or the Pertemps Qualifier over the last two days at Leopardstown; she needs the trip.

What would help to make Irish racing more competitive for the smaller owner/trainer?

Every couple of years there is a new scenario of owners.

I don’t think we should start fiddling with the programme. The big trainers don’t always go to tracks like Sligo or Clonmel where the smaller people have a chance to win.

Lots of Irish trainers have success in the UK although the prize money there is not great and at a lower level.

In Ireland the prize money is excellent. Court Maid won €12,000 in the Connolly’s Red Mills Irish EBF Mares Auction Maiden Hurdle at Cork in October. Connolly’s Red Mills is the sponsor of this series for mares and should be commended for this support.

What advice would you give to someone thinking of becoming a racehorse owner?

You need deep pockets and patience. Choose your trainer wisely. Trainers that train cheaply don’t usually get results and expensive trainers do not always justify their fees.

If you go with a middle of the road trainer like Tom you get the results. I would not have 20-30% of his horse knowledge but he knows I’m not an eejit.

I enjoy watching racing and I also sponsor through my company RFL Steels. We have over 20 years of importing steel into Ireland and distributing it island wide.

Rory Larkin was in conversation with Olivia Hamilton