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Gold Circle – ‘Trying Times’ Ahead

Company will borrow to service fixed costs

Greyville Polytrack Trials - Martin Collins Neil Butcher Graeme Hawkins

Neil Butcher pictured centre with Martin Collins & Graeme Hawkins

Gold Circle Chairman Neil Butcher applauded the government’s decision to protect the country’s vulnerable society through the action of the national lockdown, while painting a gloomy picture of the next few months in a letter addressed to members today.

As from Thursday the company will be in lockdown in terms of the presidential directive.

Butcher writes that the past few weeks have been testing with the gradual loss of their international product and international customers.

He says that Gold Circle’s revenue streams will dry up and that they are left with having to pay fixed costs associated with their racing and training centres.

He adds that ‘these are trying times’ and that the company has commenced the process of borrowing funds to cover fixed costs for the next two months.

Once normality is restored, members will be called to share in the implications of the devastation wreaked by the lockdown.

Gold Circle’s telephone and internet betting mediums are managed remotely and service delivery will be ‘difficult’.

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3 comments on “Gold Circle – ‘Trying Times’ Ahead

  1. james says:

    dont use the virus as an excuse .gold circle was always in financial problems and youll just did nothing about it. so its about time yourll let go and let new blood come on to the seen. stop pulling the wool over the owners and publics eye.
    just admit that youll messed up.

  2. Prasheen harrimohan says:

    I think u talking about phumelela James. Gold circle never cuts stakes etc racing always up to date. The stakes for met was cut but not july

  3. Preston says:

    In absence of racing , the stake Cheques not utilized can now be used to cover your fixed costs.

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