A subsidiary of the Royal Bank of Scotland (RBS) has bought Great Leighs racecourse, two weeks after its administrator said it couldn't find a buyer.

RBS's Buyers West Register Investments arm bought the Chelmsford racecourse with a view to selling it on.

Early in July, Deloitte's Carlton Siddle, who was named joint administrator along with Nick Edwards, said: "Unfortunately, despite significant effort over a period of 17 months, we have been unable to conclude a sale.

"The numerous highly complex title issues have not been capable of resolution. Consequently, we are now in discussions with the group's principal secured lender, RBS, about the next step."

Great Leighs - the UK's first new horse racing venue to open since 1927 - opened in April 2008 but was forced to enter administration in January 2009 after encountering financial difficulties.