Hornby boss to step down from toy firm

The chief executive of model toymaker Hornby, Steve Cooke, is to step down amid a strategic review by the firm's majority shareholder. Last week, Hornby warned over its full-year performance due to increased competition and weaker demand. 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. 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. In early afternoon Hornby shares were down 6.84% at 27.25p..

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