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| Hornby boss to step down from toy firm | Hornby boss to step down from toy firm |
| (35 minutes later) | |
| The chief executive of model toymaker Hornby, Steve Cooke, is to step down amid a strategic review by the firm's majority shareholder. | The chief executive of model toymaker Hornby, Steve Cooke, is to step down amid a strategic review by the firm's majority shareholder. |
| Phoenix Asset Management took full control of the business in the summer in an effort to boost growth. | |
| A turnaround plan at the Scalextric-to-Airfix toy firm has seen it reduce product ranges and cut back investment. | A turnaround plan at the Scalextric-to-Airfix toy firm has seen it reduce product ranges and cut back investment. |
| Last week, Hornby warned over its full-year performance due to increased competition and weaker demand. | Last week, Hornby warned over its full-year performance due to increased competition and weaker demand. |
| 'New chapter' | 'New chapter' |
| The company said Mr Cooke's departure was "mutually agreed" and he would remain in place for a transitional period. | The company said Mr Cooke's departure was "mutually agreed" and he would remain in place for a transitional period. |
| He joined the company as the finance head in June 2015 and became chief executive in April 2016. | He joined the company as the finance head in June 2015 and became chief executive in April 2016. |
| Interim chairman David Adams said: "The position of Phoenix as Hornby's majority shareholder represents a new chapter in the development of the group, and the board is working closely with Phoenix to set the direction of the business going forward." | Interim chairman David Adams said: "The position of Phoenix as Hornby's majority shareholder represents a new chapter in the development of the group, and the board is working closely with Phoenix to set the direction of the business going forward." |
| In June Phoenix launched a mandatory bid for Hornby, after offering to buy a stake from another investor that gave it a 55% holding in the firm. | In June Phoenix launched a mandatory bid for Hornby, after offering to buy a stake from another investor that gave it a 55% holding in the firm. |
| Phoenix said that it intended to develop an understanding of the group and its longer-term strategy. | Phoenix said that it intended to develop an understanding of the group and its longer-term strategy. |
| The offer, of 32.375p a share, valued Hornby at £27.4m. At the time, Hornby said the takeover bid from its largest shareholder "significantly" undervalued the firm. | The offer, of 32.375p a share, valued Hornby at £27.4m. At the time, Hornby said the takeover bid from its largest shareholder "significantly" undervalued the firm. |
| The company is struggling to revive its fortunes, and is due to release new products in the second half of the year to help increase demand. | The company is struggling to revive its fortunes, and is due to release new products in the second half of the year to help increase demand. |
| In early afternoon Hornby shares were down 6.84% at 27.25p. | In early afternoon Hornby shares were down 6.84% at 27.25p. |