Hornby seeks £12m more

HORNBY is going cap in hand to investors for the third time in three years.

The troubled toy maker wants to raise £12m to help shore up its balance sheet and fund the purchase of new boss Lyndon Davies’s business LCD Enterprises.

The Scalextric firm’s halfyear results showed a 22pc drop in revenue to £17m and a widening of losses from £4.7m to £5.7m.