I share an important press release made by Hornby below. Although UK financial web sites are chattering it is clear that they have no more information than that provided by Hornby.
It will be fascinating to see how Lyndon Davies appointment as Hornby Chief Executive Officer progresses and how the Hornby and Oxford brands interact going forwards. The announcement brings Lyndon Davies’ huge expertise to Hornby and I hope it revitalises the business. It is also important to note that it also brings back Simon Kohler as a consultant who was a key employee at Hornby for many years particularly in the railway product sector.
Whilst we may all speculate about the prospects for the various brands concerned we at MAR Online hope that this dramatic initiative will be the start of a successful rebuilding of Hornby’s various brands and that it will not interfere with the way Oxford Diecast has driven the market through regular new products.
We all wish Lyndon success as the new CEO at Hornby.
Horby Press release follows
Hornby Plc 3rd October 2017
Appointment of CEO
Hornby Plc, the international models and collectibles group, today announces Lyndon Charles Davies, aged 56, has agreed to join the Group as CEO. Mr Davies is Chairman of Oxford Diecast (“Oxford”), a business founded in 1993. He remains the majority shareholder of LCD Enterprises Limited (“LCD”), the ultimate owner of the Oxford Diecast brands.
A highly-experienced model and hobby professional with 40 years’ experience in the industry, Lyndon has built Oxford Diecast into a successful international business over the past two decades focused on diecast vehicles, aircraft and, more recently, rail based products.
Hornby is exploring the opportunity to invest in LCD. Further information will be released in due course.
As a result of this appointment, Steve Cooke, the current CEO, will step down from the board with immediate effect.
Lyndon will be appointed to the Board following satisfactory completion of the customary due diligence for listed company board appointments. A confirmation announcement will be made on this shortly.
Lyndon Davies will appoint Tim Mulhall and Simon Kohler as operational consultants who will report directly to him and the Board.
Tim Mulhall specialises in building routes to market and strategic sales development. Tim has also spent 20 years as a business entrepreneur in the model and hobby industry, five of which working directly with Hornby through OnTracks, a business which managed the distribution of Hornby international products.
Simon Kohler is a highly-respected industry veteran in the model and hobby industry, having spent 35 years with Hornby. During a long career at the Group, Simon worked in many roles, covering most of the brands; notably he worked with Hornby Rail and Scalextric during their most successful years.
These appointments are part of a strategy to complement the Group’s existing management with additional highly experienced model and hobby expertise.
Commenting on the appointment, David Adams, interim Chairman, said
“I am delighted to welcome Lyndon to the board. 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.”
We welcome your comments and questions. Please go to our Model Auto Review Facebook page.