No Return is a progressive three-year-old. This attractive gelding ran a number of times as a two-year-old in Ireland, but didn't hit top gear until this season, after a change of stable. No Return has won two of his five starts to date in 2025, with game successes at The Curragh and Fairyhouse. He is by top sprinting sire Kodiac and is out of a useful Group-placed mare. His optimum trip looks to be 6f, and he seems to enjoy being ridden positively.
His style of running should suit trainer Charlie Johnston, and No Return is set to join Charlie and the team at Kingsley House shortly. Charlie (and previously with his father Mark) has trained a huge number of winners for Owners Group over the years, and has masterminded the careers of top handicappers Dutch Decoy and Rainbow Rebel, among others.
The form of No Return's last success at Fairyhouse at the end of May has worked out well, with the third-placed Gazelle d'Or going on to win a Premier Handicap at The Curragh in June. His form stacks up well against a number of useful sprinters in Ireland this season, including Jorge Alvares, who finished a close fifth at Royal Ascot and was sold for 150,000 guineas at the same sale where No Return was purchased by Owners Group.
This syndicate term lasts until 1 August 2026, with no commitment to continue at the end of the syndicate period. Please click here for full details of the end of term process.
This syndicate is divided into 2,750 shares and each share costs £55 (including VAT). View price transparency. There will be nothing extra to pay, no matter what costs are incurred during the syndicate period. The syndicate is subject to the Owners Group terms and conditions. The current maximum number of shares that can be purchased by one person is 10. There are no partners or others sharing this horse and therefore 2,750 shares represents 100% of the ownership of the horse.
- The share price is £55. The full price breakdown is:
- The purchase cost of the horse was £42,000 which divided by the 2,750 shares works out at £15.27 per share.
- The commission was £2,100 which worked out at £0.76 per share.
- The pre-purchase vetting cost is set at £500.00 which works out at £0.18 per share.
- The transport cost is set at £500.00 which works out at £0.18 per share.
- Our management and service provision fee is set at £13.00 per share.
- The all-inclusive racing/training/keep/vetting cost for the syndicate period (ending 1 August 2026) is £15.08 per share.
- The cost for mortality insurance (covered for £42,000) is £0.45 per share.
- The racehorse rehabilitation contribution is £0.91 per share.
- The VAT is £9.17 per share.
- There will be nothing extra to pay, no matter what costs are incurred during the syndicate period.
Given the large sums of money generated by the sale of one syndicated horse, it is important that owners understand how the price of each share is broken down. In addition, we openly publish the full terms and conditions governing each purchase, in plain language, on our public website pages. Each Owners Group share is genuine racehorse ownership and not a cleverly disguised leasing arrangement or similar, where you don't own any part of the horse.
We have divided this syndicate into 2,750 shares, with a syndicate term period ending 1 August 2026.
There are no partners or others sharing this horse and therefore 2,750 shares represent 100% of the ownership of the horse and 100% of race prize money received from Weatherbys is divided equally with no deductions other than those referenced in term xlix.
The purchase price of a horse is critical (as opposed to current value). We purchased No Return outright from the previous owner, for the sum of £42,000 via public auction. This works out at £15.27 per share.
Horse purchase commission (for example, payable to a bloodstock agent or auction house), is applicable in many cases, and for this horse was 5% of the sale price, which works out at £0.76 per share.
The transport of the horse from the place of purchase was estimated to be £500 which works out at £0.18 per share.
All of our new horses are subject to a veterinary inspection prior to purchase, as we are required by law to take steps to satisfy ourselves that the horse is 'fit for purpose' (deemed suitable for training), in compliance with the Digital Markets Consumer and Competition Act 2024. The pre-purchase vetting cost for this horse was estimated to be £500, which works out at £0.18 per share.
Where applicable, customs/import fees are payable. The cost for this horse was £0.
The all-inclusive payment for entering and participating in races/training/keep/vet/farrier/etc throughout the syndicate period works out at £15.08 per share for this horse and is not contingent upon any other costs arising. Therefore, where the actual costs incurred are greater than the amount charged, the company stands the difference and where less, the company retains the difference. This policy means that we don't have to add any additional contingency fees and gives our customers peace of mind that there will be no additional costs.
The cost of mortality insurance for this horse is £1,237.50 (covered for £42,000), which works out at £0.45 per share.
Our combined management and service provision fee works out at £13.00 for each of the 2,750 shares. This fee includes, but is not limited to, our administrative costs, staffing (the company has 40 members of staff), video production, race footage payments to Racing TV and Sky Sports Racing, monthly magazine production, postage and packing (if applicable), prize money distribution, information technology, VAT refund administration.
Once a racehorse retires from racing, and the syndicate period ends, the responsibility for all costs arising (which can continue for several years) passes to the company but is helped by the pooled 'racehorse rehabilitation contribution' which is currently set at £2,500 per horse, per annum, which works out at £0.91 per share. Should any surplus funds arise, they will be retained for the sole purpose of racehorse rehabilitation.
As a commercial syndicate, our business is required by law to pass 20% (the current rate of VAT) of the sum you pay for a share, to HMRC. VAT legislation cannot be avoided and rather than conceal this sum to gain a trading advantage by making it appear that you are not paying VAT, it is transparently and legally specified in our price breakdown. However, because Owners Group is real racehorse ownership, we can submit a reclaim for this sum from HMRC on your behalf (if owners provide their National Insurance number), via the VAT Registration Scheme for Racehorse Owners (see Terms & Conditions). Therefore, for example, if you pay £60 for a share and HMRC successfully refunds the VAT of £10, it means that the share would cost you only £50. We make no deductions from the 20% refund, as it is part of our service provision.
The VAT for the No Return syndicate works out at £9.17 per share.
To summarise (cost per share)
- Purchase cost of the horse - £15.27 per share.
- Commission - £0.76 per share.
- Pre-purchase vetting cost - £0.18 per share.
- Transport cost - £0.18 per share.
- Management and service provision fee - £13.00 per share.
- All-inclusive racing/training/keep/vetting cost - £15.08 per share.
- Mortality insurance - £0.45 per share.
- Racehorse rehabilitation contribution - £0.91 per share.
- VAT - £9.17 per share.