Losses at Goffs double to €6.4m

PRE-tax losses at top bloodstock auction house Goffs have doubled to €6.4 million because “wealthy” buyers failed to pay for racehorses on which they bid.

The thoroughbred racehorse seller had to make a special provision of €5.7m against the overdue debts of “previously wealthy and credit-worthy buyers” who failed to pay for purchases, especially in Ireland.

Despite this, Goffs continued paying breeders for the foals and fillies they sold through Goffs, even though they were never paid for the progeny in many cases.