Memorandum submitted by Glen Paul Shackleton
1. I live in Bradford with my wife and 13-year-old
daughter. l am 35-years-old.
2. After leaving school, I went into the
family business in the licensed trade. We had various pubs and,
ultimately, the freehold of The Bank House in Pudsey, Leeds. We
built the turnover there up to £10,000 per week as a result
of which Newcastle Brewery made my parents a substantial offer
which they accepted.
3. My wife and I wanted to try something
else. l had always been very interested in racing and I discussed
the possibility of becoming a bookmaker with Derek Woods, a friend
of my parents. Derek had been a bookmaker for about 25 years and
we decided to go into business together. I applied for and obtained
a permit and I gave Derek £20,000 to invest in pitches. Unfortunately,
we did not have any senior pitches and it soon became clear that
our business could not sustain both of us. I decided to set up
on my own.
4. I set up GP Racing on 1 April 2006. When
I left Derek my capital investment of £20,000 was repaid.
That investment had been from my own resources. However, when
I set up GP Racing I knew I would have to have further and better
pitches to maintain a sufficient income, I bad to look for further
finance. My father lent me £150,000 and I and my wife remortgaged
our house to raise a further £20,000. I used much of this
money to acquire extra pitches.
5. Before I had started in the business
with Derek Wood, I read the trade newspapers and attended pitch
auctions. At the auctions there was constant encouragement and
reassurance coming from the NJPC. In particular I remember NJPC
auctioneers stressing that pitches were an excellent investment
in that they were in perpetuity and could be bought and sold without
restriction. My father made the loan on the basis that he worked
part time in the business and his money was safely invested in
pitches. I believed I was securing a long term future for myself
and my wife based on hard work and sensible investment.
6. If I had thought there might be a question
mark raised about the security of pitch tenure, I would not have
gone into the business at alI. My father may have put his retirement
at risk because of the loan which had previously been safely invested.
I feel under terrible pressure. My house is also at risk. l had
no indication of this potential bombshell before about April 2007
when I was alerted to the position apparently adopted by the RCA.
7. I have read the submissions to be lodged
by FRB and I agree with them. I am willing to attend and give
evidence to the Select Committee if required.
October 2007
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