Nov 17, 2017

Hornby seeks third round of equity in three years

British toy group Hornby is planning to raise fresh capital for the third time in as many years as the new management team at the model trainmaker struggles to stem losses. Even by its own standards, Hornby has had a turbulent year. Hornby is now on its third new chief executive since the start of 2014, and is on the hunt for a new chairman less than six months after the current interim appointee was brought in. Lyndon Davies, Hornby chief executive, said on Friday that the latest strategy review had "Revealed opportunities to improve performance". Hornby said the acquisition of a minority stake in the holding company of rival model business Oxford Diecast, which was founded by Mr Davies, "Provides an opportunity to align the interests of the Hornby and the Oxford Diecast businesses," given Mr Davies' appointment as chief executive of Hornby.

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