Truly - if your calculations are correct (and you must have soft core rather than hard core bales over there ...) that about $88.00 for a small round (our round bales are hard core here and equate to about 20-25 small squares and they are about 1200 lbs ...) and you could buy them for about $35.00 - $60.00 depending on the area you are in, so if you divide them by the number of small squares they contain, they'd run about $2.50 - $2.75 for a small square equivalent
But - something seems off. If it is GBP 50.00 for a round bale that contains 10 small squares, thats GBP 5.00 per small square or $8.80. At that stage, it would be cheaper and less wasteful to buy small squares!
So ... I am trying to get a handle on this ... you are paying GBP 2500 a month or approximately $4400.00 a month in hay for how many horses??? With those numbers - I think I'd raise dilute sabino guinea pigs or something! Thats horrifying!
If someone had to buy hay around here from the local farms, it would cost them approximately $100.00 - 115.00 a month per horse or approximately GBP 60.00 and thats allowing a 50-60 lb bale a day for each horse.
I wont even tell you what my actual hay costs are per horse per month ... but I also have to accrue my upfront cost to seed my pastures ($5600.00), the cost to fertilize them this year (unknown as it will be the first time we are doing so) and the hay rake we just bought ($5300.00) and the cost we need to look at to construct a hay storage building as well as buying a haybine and baler, plus a hay wagon or two and eventually a 60hp tractor to run everything with. Right now we trade having the hay cut and baled for the fellow taking as much as he needs for his horses, so its win/win for both of us ...
I am hoping we can sell off all 1000-1200 bales off the next cutting and then we'll each pocket about $1700.00 - $1800.00 split 2 ways and that will then basically pay my fertilizing costs and buying some new equipment and it will be gone as fast as it arrived ...
I am really curious to hear what it is costing you in hay per month per horse ...