Horse trainer's business woes | Northern Rivers News | Local News in Northern Rivers

3rd December 2008

Phil McLeod, one of Graftons prominent racehorse trainers.

PROMINENT Grafton racehorse trainer Phil McLeod has shrugged off the collapse of a business venture and the forced sale of 'seven or eight' horses to recoup company debts.

A court-appointed receiver, Rodgers Reidy, has taken over the running of race company H.P and P.J Enterprises and ordered the sale of company assets to repay creditors.

These assets are race horses, which will go under the hammer next week in Sydney.

Mr McLeod said the sale of the company's horses would not affect his operation, which he has run as a sole trader since April.

"In April I became aware that some accounts had not been paid and I stopped the company on April 30," Mr McLeod said.

"Since May 1, I have been operating as a sole trader."

Mr McLeod would not be drawn on the dispute with another company director, as it may be the subject of court action.

He also vowed to personally make good the debts owed to company creditors and said most of them were out of the area.

"There was only one person from Grafton that the company owed money to and I have talked to him about it, as I have with the other creditors," Mr McLeod said.

He claimed some rumours circulating about his business woes were motivated by jealousy and labelled them 'disgraceful'.

"I love living in this town and I intend training here for years to come," he said.

"After hearing some of the things going around it's made me even more determined to keep going here."

Mr McLeod has received support from the Clarence River Jockey Club.

CRJC chairman, Bob Pavitt, said that neither H.P and P.J Enterprises or Phil McLeod owed the club any money.

"We don't talk about commercial affairs normally, but I can tell you we aren't owed a thing," he said.

The immediate future for the McLeod stables is looking rosy indeed.

His good class sprinter, Forestreno, is regarded as one of the top chances in the Group Three George Moore Stakes in Brisbane this Saturday.

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