New boss at toymaker Hornby

Hornby has recruited a new chief executive and is mulling an investment in the owner of rival toymaker. Oxford Diecast.

The Scalextric-to-airfix business announced yesterday that Lyndon Davies would join as group chief executive, with current CEO Steve Cooke stepping down with immediate effect.

Hornby said in a stock exchange statement that it was also exploring whether to invest in LCD Enterprises Limited, the parent owner of Oxford Diescast, where Davies is the majority shareholder. Davies, aged 56, who is also Oxford’s chairman, will be tasked with driving through the remaining stages of an overhaul that has helped shore up Hornby’s balance sheet.

Hornby’s interim chairman David Adams said he was delighted to welcome Davies onto the board.

Adams said: “His obvious expertise in and enthusiasm for the toy and hobby industry will provide the group with experienced leadership for the next stage of our development.

“Hornby will continue with its turnaround plan and Lyndon is ideally qualified to steer the group through this period. I would like to take this opportunity to thank Steve for his service to Hornby and for his leadership of the first stage of the turnaround plan.

“On behalf of the board, I wish him every success in the future.”

As part of the shake-up, Davies will bring in Tim Mulhall and Simon Kohler as operational consultants who will report directly to him and the board in a wider bid to boost Hornby’s financial fortunes.

The latest developments come after Phoenix Asset Management upped its stake to about 72 per cent in the toymaker earlier this year.