Gavin Cromwell’s journey in horse racing began as a hobby, but through dedication and a keen business acumen, it has blossomed into a thriving enterprise. Initially starting with a small barn for eight horses, Cromwell has steadily expanded his operations, demonstrating resilience and adaptability even through economic downturns. His strategic focus on trading horses, particularly Flat racing prospects, has become the cornerstone of his success, facilitating the continuous improvement of his training facilities and overall string quality. This business model not only ensures the longevity of Gavin Cromwell Racing but also positions him as a significant player in the international horse market.
From Hobby to High-Demand Farrier
Cromwell’s early career saw his services as a farrier in high demand, with notable figures like Elliott being a major client. For a considerable time, his identity was primarily linked to being the farrier for the 2015 Gold Cup winner, Don Cossack. What began as a personal passion project with a modest barn for eight horses and an apartment above, gradually evolved. Despite facing setbacks during economic recessions, Cromwell’s determination never wavered. By actively acquiring horses and cultivating valuable contacts, he achieved better results, leading to the expansion of his facilities. Barns were successively built to house 25, then 30, and eventually 50 horses, alongside the addition of an isolation yard to ensure the health and well-being of his equine athletes.
State-of-the-Art Training Facilities
The training infrastructure at Gavin Cromwell Racing is designed to cater to both Flat and National Hunt disciplines. A five-furlong straight, uphill woodchip gallop has proven exceptionally effective for preparing Flat juveniles. While jumpers also utilize this track, they primarily train on a round, deep sand gallop equipped with a speedometer for precise performance monitoring.
The Engine of Growth: Trading Flat Horses Internationally
While prize money significantly contributes to the stable’s income, it is the strategic trading of Flat horses in the international market that truly fuels the expansion and enhancement of the racing amenities. Cromwell acknowledges the delicate balance required when aiming to ascend the racing ranks and elevate the quality of his horses. However, a pragmatic approach ensures the business remains sustainable year after year.
“We’ve got plenty of yearlings this year and sold plenty of two-year-olds,” Cromwell explains. “I suppose it’s a business model that we’re buying them with the view to trading them. I have a few Flat owners, the likes of Lindsay La Roche, who owned Princess Yaiza and Snellen, who won at Royal Ascot. Those horses are bred to race and bought to race. So that’s slightly different to the rest of the business model.” This strategic acquisition and resale of promising young horses form the core of his operational strategy.
Cromwell also highlighted the international reach of his trading success: “We sold Mighty Eriu this year to Qatar and she stayed with us for a little bit. She went to Royal Ascot and I think we’re going to potentially have a couple of Qatar horses for next season. We have one three-year-old here at the moment for them.” This demonstrates the global nature of his business, with horses moving between continents and esteemed racing events.
The plan is multifaceted: “So some will stay in training, and then others are in training to be sold, whether they’re sold to existing owners, or maybe someone could buy them and they stay at the yard, remains to be seen. But it’s a business model, and it’s been working nicely. We’ve bought plenty of yearlings now for next season and hopefully they will work out.”
Navigating the Global Market
The significant prize money offered in Australia, Hong Kong, and America places a unique value on certain types of horses, a value that cannot be easily replicated in Europe. Consequently, capitalizing on substantial offers from these international markets is a logical business decision. However, this also leads to a thinning of the talent pool in both Flat and National Hunt racing, as many horses that could excel in one discipline have often transitioned from the other.
Cromwell notes the challenges in sourcing suitable horses for specific disciplines: “I actually didn’t go to Newmarket Horses-in-Training Sale this year or last year. It’s so hard to buy those three-year-olds to go hurdling. It’s too expensive for what they are, for what we want them for. The Australian market is too good and lots of those international markets.”
The success of his trading model is evident in sales like Goffs Horses-in-Training Sale: “We sent a few to Goffs Horses-in-Training Sale. They were looked at numerous times, and they all sold. They had won a few, but they were only at a level. We had two National Hunt horses at the sale, and they never got looked at once. It’s a world market (on the Flat), and they went to all different countries, and there’s no problem selling them. It’s a great trade. But it means we can’t buy off the Flat to go jumping or to have as good dual-purpose horses.” This highlights the distinct market dynamics for Flat and National Hunt horses.
The Power of Networking and Relationships
Attending sales is more than just a purchasing exercise for Cromwell; it’s a crucial aspect of networking and relationship building. “The lads who are getting on are the lads you’ll meet at the sales. 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.”
The long-term dividends of these relationships are substantial, as Cromwell emphasizes the centrality of people to any thriving enterprise. “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. Someone said to me one day, ‘You spend all your time trying to make yourself redundant.’” This philosophy underscores his commitment to building a strong, self-sufficient team that contributes to the overall success of Gavin Cromwell Racing.
