After an internal family battle Reg Inglis has stepped down as the Managing Director of the Sydney based bloodstock company bearing his family name, Wm Inglis & Son, it was announced on Monday by the company.
A statement from the company said that Reg Inglis had given ‘36 years of dedicated service to the company, 18 of those as Managing Director. Reg has led the company to become Australia’s leading thoroughbred auctioneers and has given a significant contribution to racing and the bloodstock industry’.
Reg Inglis said “I am proud of the contribution I have made and leave knowing the company is in a very sound position”.
The statement said that Jamie Inglis will be acting Managing Director whilst the company conducts an executive search to fill the role permanently.
Jamie Inglis said “The management and staff look forward to the New Year and are fully committed to continuing our 140 years of service t o the bloodstock, livestock and property industries.”
With the passing of the late John Inglis earlier this year the shareholding ratios in Wm Inglis & Son changed with Arthur Inglis, listed as the Business Development Manager in the 2007 Classic Yearling catalogue, and his immediate family gaining just under 50% of the company shares.
With another relative Arthur Inglis was in control of over 50% of the shareholding in the company and he called for the resignation of Reg Inglis. Discussions were held over some months and a final board meeting this week decided the fate of Reg Inglis who has been synonymise with the bloodstock auctioneers in recent times.
Reg Inglis managed the company through the difficult times of the last share-market crash, and the re-auction of yearlings caught in the aftermath of that financial downturn, and then the rise, and rise, of Danehill as a sire of champion proportions.
No sooner had Danehill’s progney left the sale ring when his sire sons arrived to start dynasties of their own, both before the super sires death, and after with Redoute’s Choice the latest top-seeling young sire to enter the Inglis Newmarket sale ring.
The Newmarket sale grounds in Sydney, just north of Randwick racecourse, are owned by the company and would be worth a vast sum of money, bordered as they are by schools, a major hospital complex and housing.
It is not known at this stage what the intentions are of the controlling interests in Wm Inglis & Son are, and if the complex will become a property play unlocking the family wealth in the land value.
The late John Inglis, who lived on the Newmarket complex in an historic house, used to auctioneer a sale by himself according to reports, and traditionally Reg Inglis used to open the auctioneering of each sale held at the company sale rings at Newmarket, Sydney, and Oaklands, Melbourne.
The sounds of a sale commencing at Newmarket under the massive Morton Bay tree will not be the same from the Classic Sale on February 10th, 2007.