By Andrew Starke

The collapse of Tom Hedley’s private empire and moves by the Hedley Leisure & Gaming Property Fund to distance itself from its founder has had some unusual side-effects.

Certainly the fallout has been felt in his home town of Cairns but it also appears to have impacted on the local horse racing fraternity, where Hedley is seen as a much admired benefactor.

The Australian was impressed with Hedley’s sense of humour at the Townsville races earlier this week.

“It’s been a rough couple of months for the Cairns-based Hedley. First, his east-coast pubs business, Hedz, was put into receivership. Then the listed Hedley Leisure & Gaming Property Fund moved to distance itself from its founder, announcing plans to internalise management and change its name. Hedley Leisure is currently suspended while it finalises its accounts.

“Given all that agony, it’s fitting that Hedley’s horse at the Townsville races on Monday was called No More Shares. It’s even more fitting that it came 12th in a field of 13. Hedley had more luck in Cairns last Friday: Hedz, another from his stable, ran second.”

The Shout Team

The leading online news service for Australia's beer, wine, spirits and hospitality industries.

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