(Alliance News) - Hornby PLC on Tuesday appointed Paperchase Chief Executive Officer Oliver Raeburn as its own new chief executive, taking over executive responsibilities from Chair Lyndon Davies in January.
Margate, England-based Hornby makes and sell model railways, while Paperchase is a stationery retailer.
Upon Raeburn arrival at Hornby, on January 23, Davies will move to non-executive chair.
Raeburn was named CEO of Aspen Phoenix NewCo Ltd which trades as Paperchase, in 2020 and guided the company through administration during Covid-19. He joined the company as chief marketing officer in 2019, while Paperchase was in a creditors' voluntary arrangement.
"Hornby will continue to build direct relationships with our customers, and Olly is ideally qualified to steer the group through this process," Davies said. "I am happy to hand over the reins to Olly, as he takes over my executive responsibilities."
Hornby shares were up 5.3% to 30.00 pence on Tuesday afternoon in London. The stock is down 30% over the past 12 months.
By Jaskeet Briah; jaskeetbriah@alliancenews.com
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Hornby (HRN)