You don’t have to be able to tell your Tiger Roll from your Red Rum to know that horse ownership is not a cheap pursuit.
The purchase price alone can run into thousands of pounds and this is before considering suitable accommodation and fields for exercise. Then there are the other essentials such as hay, feed, rugs, blankets and livery. Cleaning and care can be taken care of by owners – where there’s muck, there’s brass after all – but sometimes extra staff are required to help with this essential duty too.
Your vet will have to rein in their excitement when they hear you’ve joined the equine set as essential injections and vaccinations are required even if you are not planning to show the horse or take it anywhere further than the end of its field.
This will require a horse box and other appropriate transport to move your horse in safety and comfort as well as various official groups you can join such as the BSPA, NCPA or Ponies UK.
Keep in mind that this is just for one horse – if you want to increase your team then your costs will also gallop up too.
Each of these financial requirements can be managed when business and employment are good and, if you’ll pardon the pun, stable, but if things get tighter and you’re considering administration and insolvency then things become complicated.
When establishing all available assets, unlike dogs and cats, horses cannot be considered as pets for the purposes of an asset base. Few insolvency practitioners are fooled by moving a horse into the house during an audit and if they were, they wouldn’t work at Business Rescue Expert!
Horses would be treated as any other saleable asset, especially if they have a good pedigree and have been shown or there is the prospect of breeding them in the future. This would also include any and all associated accessories and paraphernalia.
This is important to understand as even the hardest hearted liquidator doesn’t like forcing people to sell their loved livestock but they would ask serious questions about how you could afford upkeep if you are committed to paying creditors what they are lawfully owed. Even bankruptcy might not be enough to keep your team together if Enforcement Officers arrive to take them away.
If your finances are becoming tighter than a bridle, contact us for a free initial chat about what options are available to you.
Taking action sooner rather than later is the key to the most successful outcome for you, your family, and your business and gives you every chance of being able to saddle up and ride again.