If patience is the key virtue required by racehorse owners who want to endure and succeed in the Sport of Kings, surely resilience cannot be far behind. Andrew and Jane Megson understand both only too well.
Earlier this year, not long after Sixmilebridge had put the Megsons on cloud nine after romping home in a Grade 2 prize at Cheltenham, they were informed that their star hurdler had fallen foul of medication rules and would be disqualified from first place, hampering his preparation for the Cheltenham Festival.
The bad news was imparted on the same day they visited their string at Fergal O’Brien’s Cotswolds stable. From dreaming to despair in a matter of hours.
“We were absolutely gutted. Fergal was mortified,” Andrew says, recalling the events of February. “Sixmilebridge had a small muscular problem in his back and received an injection 22 days before the race at Cheltenham. The recommendation [on the medicine] was 14 days.
“It wasn’t performance enhancing. The recommendation now is you test before you run, just to make sure.”
Sixmilebridge still made it to the Festival for the Turners Novices’ Hurdle but failed to show his best in the championship contest, trailing home a distant ninth, as JP McManus’s The New Lion struck for the Skeltons.
“He didn’t run very well. The ground was a little quick for him – he needs some cut. It was also a hotter race. We still have a lot of faith in him.”
Fast forward to the current season and exciting prospect Tellherthename kicked off his chasing career at Carlisle on October 16. At 1.57pm the Megsons owned a potential top-notcher. At 2.05pm they were pondering his future as a racehorse.
“He bled,” Andrew says of the six-year-old who finished third of four runners, albeit only beaten two lengths. “Now we’re trying to work out what we can do and what’s in his best interests. Can we get him back? If not, we’ll find him a new home.
“We thought he’d win with his head in his chest. The race was just a stepping stone to bigger things.
“For a few hours afterwards you just feel so flat – but the horse didn’t do it on purpose.
“We’ve been in horseracing long enough to know that these things happen. Yes, we’re ambitious for our horses, but it’s tinged with a level or realism.
“Ten years ago, every horse we bought was going to win the Gold Cup or a Grade 1, and we were amazed when they didn’t! The fact is very few achieve what you dream they’ll achieve.”
Jane adds: “It think it’s tougher when the better horses disappoint because you know what their potential is. That’s why we celebrate the good days, because you don’t get that many.”
The Megsons have been owners for 11 years, their previous interest in racing limited to watching the big Flat and jump meetings. All that changed when Andrew, the CEO of Doncaster-based business My Pension Expert, made a successful bid for a trip to Jackdaws Castle at a charity dinner, thinking his wife, who rode in her youth, and two daughters, Lily and Jasmine, would enjoy a day out at Jonjo O’Neill’s famous stable.
The family loved the experience and the Megsons soon joined a syndicate in the yard, enjoying success with Kelvingrove, before taking the plunge into outright ownership.
Andrew relates: “We popped into Jackdaws one afternoon; I got separated from Jane and walked out with a horse!
“Markttag was a lovely prospect. On his third start for us he cut into himself at Kempton and had an infection. We tried to save him, but he deteriorated overnight. It’s so important to listen to the vet. To this day I regret not letting go.”
Undaunted, the couple’s interest and investment in jump racing increased. Having added Ben Pauling to their roster of trainers, point-to-point winner Global Citizen was bought for £275,000 in 2017 – a declaration of intent regarding his owners’ ambitions.
Global Citizen (left) may not have scored at the top level, but he was a high-class performer, winning seven races under Rules, including two Grade 2s over hurdles and the Grade 2 Wayward Lad Novices’ Chase.
Having made three unsuccessful visits to the Cheltenham Festival – two of those assignments in Grade 1 company – Global Citizen made it fourth time lucky in the 2022 Grand Annual Handicap Chase, producing an awesome display of jumping under Kielan Woods despite testing conditions.
“I cried when Global Citizen won the Grand Annual,” says Andrew. “We couldn’t believe it. You can spend an awful lot more money than we have and never get near a Cheltenham Festival winner.
“We were in the owners’ and trainers’ suite an hour before the race, debating whether to run or not. It was heavy ground, which he didn’t relish. But he was ten years old and bottom weight. How many more chances would he get at Cheltenham?
“Kielan rode a stunning race. When he came round the final bend, everything else was off the bridle. I remember saying, ‘if he jumps this, they’re not going to catch him.’ “Then we started screaming in The Princess Royal Stand – although there was complete silence everywhere else! We were bouncing around and couldn’t really speak. It was unbelievable.”
Despite the thrill of big-race glory with Pauling, the relationship would later unravel, and in April 2024 the Megsons removed all their horses from his yard.
we needed a completely fresh start if we wanted to carry on
Pauling described the outcome as “a huge shock” but for the owners, the decision was a long time coming.
“We understand why people walk away from this sport,” Andrew says. “It’s not long ago that we thought we’d had enough.
“There was a feeling we were just there to write cheques. We took stock and decided we needed a completely fresh start if we wanted to carry on.
“We’re not mega important in the yards of Dan Skelton, Fergal, or Jonjo. It’s nice to have a relationship where you’re not such a key owner. That’s not to say we didn’t think long and hard about moving our horses. It’s not just the trainer and his or her livelihood, it’s all the staff.”
He continues: “Our relationship with Ben wasn’t what it was. We’d had a few disappointments. We were trying to understand the plans for our horses – as owners we became more and more distant, so we stopped going to the yard.
“We asked ourselves – why are we doing this? It’s a very expensive hobby. We probably kept on with Ben longer than we wanted to, not least because you feel that sense of responsibility.
“Ben asked why we were leaving so I prepared a list, so as not to muddle anything. We had a call, but he didn’t want to hear what I had to say.
“Things went wrong after Global Citizen went over to America for the Grand National [at Far Hills]. But I said to Jane, let’s give it time.
“Ben is a successful trainer. He’s had a phenomenal time recently and we wish him all the best. Now we have a great relationship with Jonjo and really like Fergal.
“Dan [Skelton] asked Kielan, who we retain, for my number. I told Kielan it was fine and Dan called me within minutes! He said he’d sort out Harper’s Book – who by this point had made News at Ten after throwing away a race at Sandown – and get him winning again.”
Skelton did indeed get the mercurial Harper’s Brook back in the winner’s enclosure, courtesy of an outstanding ride by Woods – doing his best impression of Paul Carberry – in last year’s Castleford Chase at Wetherby.
Denied by Willie Mullins in a terrific tussle for the 2024-25 trainers’ championship, Skelton will be going all out to land the title this season, and the Megsons hope their horses in his stable, which also include promising novice hurdler Leaumec De Mee, can help him in his quest.
“Dan is a force of nature,” Andrew says. “He’s very direct and thinks about it all the time. He’s obsessed.
“As for Harper’s Brook, he’s such a character and very quirky. Dan said we’ll never get inside his head. But it makes life exciting!”
Most exciting of all is Sixmilebridge. The Scilly Isles Novices’ Chase at Sandown in February is the big pre-Cheltenham target.
Hopes are also high for Kaylan, winner of his only start to date in a Warwick bumper, and talented mare Blue Betty, while Jipcot and Wreckless Eric will likely ply their trade in good-quality handicap hurdles.
Another to look forward to is the enormous White Riot, a promising son of The Grey Gatsby whose name, like Wreckless Eric, alludes to Andrew’s passion for music. Monty Bodkin, yet to win, is named after a fictional character in the novels of P.G. Wodehouse.
“White Riot was the first ever single by The Clash,” he says. “I’m very interested in punk music and collect memorabilia.
“Our first winner was Sebastian Beach – we bought him off the Flat and thought he was named after the P.G. Wodehouse character. In fact, he’s named after a beach in the US!”
Jane adds: “We like to have fun with the names. It’s nice to sit down with a glass of wine and make a list. Although we’ve been knocked back [by Weatherbys] on a couple.”
The Megsons, who are both Yorkshire born and bred – they went to the same school although didn’t know each other then – would love to spend more time getting to the races to watch their horses in action. It’s proving a challenge at present, with My Pension Expert, which provides telephone advice to citizens in the UK, in the process of appointing corporate advisors and talking to private equity firms.
Initially joining in the role of Chair, Andrew took over My Pension Expert from its founder directors nine years ago – “the business was going under” – and turned it round, although there were times in the early days when he says he had to dip into his own pocket to make payroll.
The business, which has ended its partnership with the Jockey Club that included multiple race sponsorships and now supports the charity Retraining of Racehorses, continues to expand.
Andrew explains: “My Pension Expert has rocketed forward. We’ve had plenty of people wanting to invest, which has allowed us to accelerate the growth of the business. It’s all positive.
“We’re proud that we are creating opportunities for people in Doncaster – it was a thriving mining town until the pits closed in the mid-80s, and there’s been little investment since.
it has been a massive part of our lives and has been for a decade
“Financial services isn’t renowned for its diversity and inclusivity, but we have had people starting at junior level and move all the way up to executive and director level.”
He continues: “I’m still full time and will be for a few more years. Investors are not getting involved for me to take a backward step, it’s up to me to drive the business forward. Nobody invests because they want to help Andrew and Jane!
“At one point we had 28 horses – it was too many, which was my fault, and we just couldn’t get to see them. We want to watch our horses run in the flesh. Unless you’re careful you can end up with a massive number of horses and a lot of them won’t be very good. Now we have around 17.
“We’re both equally passionate about racing – it’s a massive part of our lives and has been for a decade.”
The juxtaposition between providing wise financial advice on pensions while giving large sums for often untested racehorses is striking, but the Megsons’ involvement in racing is purely for enjoyment.
Their most profitable bloodstock venture came with Flat filly Polly Pott, 40-1 winner of the 2022 May Hill Stakes, who subsequently sold for 480,000 guineas having cost just 21,000 guineas as a yearling.
However, it is the jumps scene that enthrals these owners, who also have a first homebred runner – Baby Chuffnell, by Nathaniel out of their winning hurdler Lady Chuffnell – set to race in 2026.
“National Hunt racing is so much more exciting,” Jane says. “The Flat is very different – we’ve sold all our Flat horses.”
Andrew adds: “What Coolmore and Godolphin do is fantastic, but we can’t afford to pay two and a half million for a colt or filly that has never run.
“In my mind’s eye, what you’d like is four or five lovely horses that are at their peak for two or three years, with younger ones coming through – and keeping that cycle going.
“We love buying young stores – that’s why we like the [Futter family’s] Yorton Sale. With point-to-pointers you often have no idea what they’ve beaten.”
He continues: “Targets will emerge for our horses this season. A lot of the young horses are unexposed – some will not be very good and some, like Tellherthename, might not come back.
“The Mike Tyson quote is perfect – ‘everybody’s got a plan until they get punched in the face.’ You have all these plans at the start of the season and after the first week they can be over.”
Time will tell whether the Megsons manage to secure that elusive Grade 1 triumph this campaign, but as their experiences with Tellherthename shows, nothing can be taken for granted, and equine
welfare remains the priority.
Jane says: “It’s nice when the horse has a full career in racing and is still fit and healthy when they retire. They you can find a new career and home for them. Kielan has Global Citizen now and we’ve found homes for plenty of our former racehorses.
“We’ve always said, even on the day and we’re there, if they’re not right or the ground is wrong, then they don’t run. You never want them to have a bad experience – the horse always comes first.”
Pensions in the spotlight ahead of the budget
The Chancellor’s Autumn Statement, set to reveal whether remote gambling duties will be harmonised, something the sport of horseracing has rallied strongly against over the past few months, will also have an impact on the pensions landscape.
Speculation about a revision to the tax-free lump sum eligible under current rules has caused much consternation, yet Andrew Megson, CEO of My Pension Expert, is unequivocal in his advice.
He says: “My main message is do not rush into acting because of something the Chancellor may do. If it doesn’t happen, you’ve made a huge mistake.
“Rather than a tiered limit to pension contributions, the government may put something in place whereby you can get relief at the highest rate of tax, they may bring in a single rate, or they may reduce the amount of tax-free cash you can take.
“They have to look at the triple lock because it’s something the country cannot afford.”
He continues: “Our target market is the mass market. We help people who wouldn’t normally access an advisor. “When the Treasury brought your pension fund into your estate for inheritance tax (IHT) purposes from 2027, it caused a huge hue and cry, but it doesn’t really affect our customers.
“With our target market, generally their most valuable asset is their house, and they don’t have huge assets beyond that, with maybe around £100,000 to £150,000 maximum in their pension. So, this £1 million IHT limit doesn’t really impact them.
“It sounds perverse, but with all the rumours that fly around before Budgets, it drives activity to us, because people want an arm round the shoulder and some help.
“I won’t make any political comments – but the key point is not to act on a rumour.”
