Under huge pressure from Tony McCoy, on last year's winner Nacarat, Paddy Brennan lost his reins after the horse slowed up alarmingly after the last.

But Nacarat had to settle for second with Le Burf a long way back in third.

Meanwhile, Punjabi remains 11-1 with William Hill to retain his Champion Hurdle crown in March after winning a low-quality trial at the same course.

The well-fancied Fistral Beach, the 100-30 favourite, was an early faller in Saturday's feature race, a valuable handicap over three miles.

The early pace was set by Atouchbetweenacara, but in tacky ground that really tested the horses' jumping skills, his mistake after the first circuit left the grey Nacarat, trained by Tom George, out in front.

He looked likeliest to win as McCoy got him up to cruising speed, but the going was not entirely suitable for the nine-year-old - who won here on much better ground 12 months ago.

He was tiring when making a jumping error of his own four out, leaving Brennan on the Nigel Twiston-Davies-trained Razor Royale to take up the running.

That appeared to be the decisive moment, but McCoy got tantalisingly close in the final few yards before Razor Royale, some 17lb better off, just edged in front again before the line.

Earlier,Punjabi, the Nicky Henderson-trained seven-year-old, travelled smoothly in midfield as outsider Spider Boy made the pace out front and suffered his only minor scare when narrowly avoiding Treaty Flyer when she fell at the fourth.

Barry Geraghty unleashed the 1-6 favourite as the horses turned for home and smoothly cleared the final two hurdles to gain more than £8,000 in prize money.

Border Castle was 12 lengths back in second at 14-1 on his first start for 658 days and Supernoverre was a further seven lengths behind in third.

Henderson said: "I'm very, very pleased. He's done what he had to do and he did it slickly and professionally.

"He showed everyone he's fit and well and all the buttons work when they're pushed. He's going to defend his crown. Things just haven't gone right with my Champion Hurdle horses this season, but Zaynar will be alright and Punjabi, it's still his crown to lose."

Also at Kempton, Ruby Walsh picked up a double for the Paul Nicholls yard with Escort'Men (16-1) and The Nightingale (4-6f).