This is not to say that Herbert relies on old school charm to attract his members. Along with his brother-in-law John Warren, he has put together a sophisticated and hugely successful stable. While Highclere is a relatively small operation, with only seven or eight new syndicates each year, in the owner's table (of prize money won), they are only £30,000 behind the Godolphin stables, upon which owner Sheikh Mohammed lavishes millions of pounds. This year alone they have won more than £1 million in prizes.
‘We have been very successful since we began,' says Herbert. ‘We had a champion in the first group, and have run consistently top horses ever since.' He compares Highclere to a luxury goods company, owning 52 potentially top-class horses, spread between 32 syndicates, each of which has 10 to 20 members. Shares cost from £9750 to £36,950, depending on the calibre of the horse, and where it is being trained. An example of their past successes is a filly called Petrushka. Bought as a yearling in 1998 for 110,000 guineas she went on to win the Kildangan Stud Irish Oaks and became the first syndicate-owned classic winner. She was sold in 2000 for $5.25 million at a profit of £155,000.00 to each shareholder.
‘There is no expectation that it is an investment, however,' Herbert continues. ‘You don't come into a syndicate to make money - but many do return a decent sum. Certainly, it is a very cost effective way to own a horse. A horse costs £30,000 a year to train, so joining a syndicate allows you the pleasures of owning several horses, at a fraction of the price of sole ownership.'
One of those to make money is Mike Tindall, the English rugby player who lives with the Queen's equestrian granddaughter Zara Philips. He took a share in a syndicate last year which included the horse Collection. It won the Hampton Court Stakes on Ladies Day at Royal Ascot, and was recently sold for £676000 to an owner in Hong Kong. He has reinvested this year into the Touchstone Syndicate. ‘I just hope this time I can make the races,' he smiles. ‘When Collection won at Ascot I was in New Zealand, watching the race by myself on my laptop in the middle of the night.'
According to Herbert there is no typical person in a Highclere syndicate. ‘There are all sorts: lawyers, City folk, doctors. Philip Richards of RAB Capital has had three or four top-class horses: his City life may not have gone so well, but his horses have been fantastic.' Indeed, the credit crunch has worked in Herbert's favour this year. ‘Some special animals have fallen through the gaps in the last few months. We have bought at prices we couldn't believe.' Rebecca Newman
