Trainer Ed Vaughan, who recently saddled Dame Malliot to win the Group 2 Princess of Wales’s Stakes, will relinquish his licence later in the year.

Vaughan began training in 2004 having completed the Irish National Stud Course before working for Darley in Ireland and serving as assistant trainer to trainer Noel Chance. He also spent time with the late Alec Stewart before his death.

Backed by owner Alan Pickering early on in his training venture, the pair captured the Group 3 Winter Derby with Robin Hoods Bay, who had been sourced by the training as a yearling for just 9,000gns.

Vaughan said: “I haven’t just woken and decided to do this. It’s been on my mind for a while and now seems the right time to finish up training here in the UK. As everyone is aware, with the reductions in prize-money and the cost of running a business being so high, the economics of training in Britain are not good.

“I wouldn’t rule out training elsewhere, but with 25 horses, as we have here, I just don’t see a future for doing that in the UK because I things are going to get very tough when we are already in the situation where we have prize-money that hardly covers the cost of keeping a horse in training for a month.

“I’m taking this decision now because I can see things getting worse in the next year.

“Alan has become a valued friend and I would like to express my gratitude to all my owners and to my staff for their continued support.

“A special mention is due to Anthony Oppenheimer: we’ve shared plenty of success together, most recently with Dame Malliot. I must also thank Colin Murfitt, who has been wonderful landlord, owner and friend over the years.

“There have been some great days, and I feel blessed to have met some wonderful people along the way. All these friendships I can take with me on the next stage of the journey, which will be somewhere else in the industry I love.”