Last checked at 3 Oct 2017 10:54
Hornby Plc
("Hornby" or the "Group")
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. Lyndon 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.
Other appointments
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."
Save as set out below, there are no further matters to be disclosed under paragraph (g) of Schedule 2 of the AIM Rules for Companies.
Current Directorships
Oxford Diecast Limited
LCD Enterprises Limited
Oxford Diecast (HK) Limited
Oxford Diecast, USA LLC
Mr Davies was formerly a director of Microlink Industries Limited, which was placed into receivership in January 1998 and subsequently dissolved in August 2000. The deficiency as regards creditors was approximately £2.0m.
Enquiries:
Hornby plc 01843 233500
David Adams, Interim Chairman
David Mulligan, CFO
Liberum 020 3100 2222
Neil Elliot
Neil Patel
Capital Access Group 020 3763 3400
Scott Fulton
Note:
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain. If you have any queries on this, then please contact David Mulligan, CFO of the Company (responsible for arranging release of this announcement) on 01843 233 500.