Terry Ramsden

Childhood

Raised as the son of a GPO Telephones engineer, Ramsden grew up in Enfield with modest beginnings. Early on, he worked as an insurance clerk but quickly realized that traditional employment would not fulfill his ambitions for wealth. At just 19 years old, in 1971, he became self-employed and impressively earned £25,000 in his first month, marking the start of his journey into the financial and gambling worlds.

Career

Ramsden’s initial fortune was built through lower stakes gambling on horse races and trading bonds on the Japanese stock market. In 1984, he acquired Glen International, an Edinburgh-based financial services company, which he transformed into a powerhouse focused on horse betting and Japanese bond trading. Under his leadership, Glen International’s turnover skyrocketed from £18,000 in its first year to £3.5 billion within three years, propelling Ramsden to become the 57th richest man in the United Kingdom with a peak net worth estimated at £150 million.

One of Ramsden’s most famous gambling successes was his £500,000 purchase of the filly Katies just days before the 1984 Irish 1,000 Guineas. Recommended by trainer Mick Ryan, Katies won the race at 20 to 1 odds, earning Ramsden around £2.5 million. In 1986, he placed a £500,000 wager on his horse Mr. Snugfit in the Grand National, which finished fourth, netting him a £1 million profit. Ramsden was known for placing bold, high-stakes bets, including a notable £1 million bet on his horse Below Zero, which resulted in a significant loss.

However, Ramsden’s fortune unraveled following the 1987 stock market crash and the bursting of the Japanese asset price bubble. By 1988, he had lost tens of millions on racetrack gambling and suffered capital losses nearing £100 million. In 1991, he was arrested in Los Angeles on fraud charges and spent six months in jail awaiting extradition to the UK. Declared bankrupt in 1992 with debts of £100 million, Ramsden pleaded guilty in 1993 to recklessly inducing investments and received a two-year suspended sentence. In 1997, he was jailed again for hiding assets but was released after serving ten months.

After his release, Ramsden returned to the financial industry, developing a trading system for equities transactions that grew to a market capitalization of £250 million. In 2003, the Jockey Club reinstated his license to own and race horses. His horse Jake The Snake won a maiden stakes race at Lingfield that year, marking his first win since prison.

Personal life

Ramsden was known for his flamboyant lifestyle, sporting a distinctive mullet hairstyle and owning multiple luxury cars, properties worldwide, and over 100 racehorses. At one point, he owned 30% of Chelsea F.C. and the entirety of Walsall F.C. He has a son named Jake and was married to Lisa Ramsden, though they later became estranged.

Revenue

First self-employed earnings: £25,000 in the first month at age 19 (1971).

Glen International turnover growth: from £18,000 (1984) to £3.5 billion (1987).

Peak net worth: approximately £150 million in the mid-1980s.

Major winnings: £2.5 million from Katies’ Irish 1,000 Guineas win (1984); £1 million profit from Mr. Snugfit’s Grand National bet (1986).

Losses: capital losses nearing £100 million post-1987 crash; debts of £100 million declared in bankruptcy (1992).

Interesting facts

Ramsden once declared, "I'm a stockbroker from Enfield. I've got long hair and I like a bet," capturing his persona as a quintessential 1980s self-made man.

He owned a record company called Influx Records, linking him to the music industry beyond gambling and finance.

His horse Jake The Snake was named after his son and marked his return to horse racing success after prison.

Ramsden was warned off by the Jockey Club in 1988 due to unpaid debts, ending his initial racehorse ownership period until reinstated in 2003.

Legacy

Terry Ramsden remains a symbol of the high-risk, high-reward culture of the 1980s financial and gambling scenes. His story is often cited as a cautionary tale of rapid wealth accumulation followed by dramatic financial collapse. Despite his setbacks, Ramsden’s influence in horse racing and his bold betting style have left a lasting impression on the gambling community.