Gavin Cromwell’s journey from a hobbyist with eight horses to a renowned trainer highlights a business model centered on strategic trading, international market capitalization, and strong networking. While his early career was marked by the prestige of training the 2015 Gold Cup winner, Don Cossack, Cromwell’s current success is largely driven by his astute approach to the horse trading market, particularly with Flat horses. This model facilitates the continuous improvement of his training facilities and the expansion of his string of horses.
Business Model Evolution and Facility Development
Initially starting with a modest barn for eight horses, Cromwell’s operation has seen significant growth. Despite setbacks like the recession, his persistence in acquiring horses and building contacts led to expansion. The training facilities evolved from accommodating 25, then 30, and eventually 50 horses, along with the addition of an isolation yard. The training infrastructure includes a five-furlong straight, uphill woodchip gallop ideal for Flat juveniles, and a round, deep sand gallop with a speedometer for jumpers.
The Strategic Advantage of Flat Horse Trading
While prize money is a crucial component of racing, Cromwell emphasizes that the international market for Flat horses is the primary driver for business growth and facility enhancement. He describes a business model focused on buying yearlings with the intention of trading them. This approach is distinct from owning horses bred and bought solely for racing, such as those owned by Lindsay LaRoche, whose horses have achieved success at Royal Ascot.
“We’ve got plenty of yearlings this year and sold plenty of two-year-olds,” Cromwell notes. “I suppose it’s a business model that we’re buying them with the view to trading them.” This strategy has seen successful sales, including Mighty Eriu to Qatar, with potential for further collaboration with Qatari owners.
Navigating International Markets and Sales
Cromwell acknowledges the significant financial incentives offered by international markets in Australia, Hong Kong, and America, which surpass those in Europe. Capitalizing on these lucrative offers is a sound business decision, though it does impact the availability of horses that could transition between Flat and National Hunt disciplines.
He has opted out of certain sales, like the Newmarket Horses-in-Training Sale, finding the cost of three-year-olds suitable for hurdling to be prohibitive given their value and intended use. Cromwell has had success at the Goffs Horses-in-Training Sale, where horses, even those with modest wins, were well-received by a global market. This international demand for Flat horses, however, limits the pool of suitable dual-purpose athletes available for purchase from the Flat racing sphere.
The Power of Networking and Relationships
Attending sales is more than just a purchasing exercise for Cromwell; it’s a vital opportunity for networking. He views these events as crucial for building and maintaining relationships with individuals who can secure horses for training or purchase. Cromwell rarely leaves a sale without a new prospect, whether it’s a horse to train or one he buys outright.
“The lads who are getting on are the lads you’ll meet at the sales,” he explains. “You have to be buying your horses all the time. And sure you don’t know who you’re gonna meet. I seldom go to a sale that I don’t come home with a horse, whether I met someone and I got the horse to train, or I bought him.” This emphasis on relationships is fundamental to the thriving nature of Gavin Cromwell Racing.
A Foundation of People and Continuous Improvement
Cromwell’s philosophy extends to building a team of competent individuals. He believes that surrounding oneself with the right people significantly enhances operational efficiency and ease. “You spend your whole time trying to surround yourself with good people and if you can keep adding to that, it makes everything work better, and it makes life a lot easier,” he states. This focus on human capital, coupled with a prudent business model, forms the bedrock of his successful racing operation.
