End of line for Hornby’s chief

HORNBY chief executive Steve Cooke is leaving after major shareholder Phoenix UK Fund tightened its grip on the model train maker.

Cooke, who was promoted from finance director in April 2016, will stay on for a transitional period.

Phoenix recently bought out another big investor to raise its stake to 55 per cent, triggering a £27.4million takeover offer which Hornby said undervalued the firm. Its strategy is under review.

Interim chairman David Adams said: “The board is working with Phoenix to set the direction going forward.”