Model train set maker Hornby posted a widening of its full-year losses on Tuesday as it said current sales were lower than expected.
AIM-listed model train set maker Hornby said on Tuesday that it is in the final stages of discussions with its lender about a new financing facility.
There was more bad news for Hornby on Thursday as the AIM-listed model train set maker warned that full-year losses are likely to be bigger than it had expected.
Model train set maker Hornby said on Friday that Kirstie Gould, currently a consultant in the finance department, will take over from chief financial officer David Mullion, who is stepping down from the board at the end of this month.
Hobbyist business Hornby was on track to implement a new strategy aimed at reinvigorating its key brands as losses widened over the first half of the group's trading year.
Model train set maker Hornby issued another profit warning as it announced the departure of its chairman.
AIM-listed model train set maker Hornby has appointed Lyndon Charles Davies as its new chief executive officer replacing Steve Cooke, who will step down with immediate effect.
AIM-listed model train set maker Hornby said on Monday that chief executive Steve Cooke will step down at a date to be agreed following the increase in Phoenix UK Fund's stake in the business, which has led to a strategic review.
AIM-listed model train set maker Hornby warned over its full-year performance on Wednesday as trading in the financial year to date has been behind the board's expectations due to increased competition and weaker demand over the summer.
AIM-listed model train set maker Hornby reiterated on Tuesday that the offer made by its largest shareholder, Phoenix Asset Management, "significantly undervalues" the company and its prospects.
Hornby issued an updated to the market on Monday, noting the announcement by Phoenix UK Fund on Friday that it had despatched an offer document to Hornby shareholders in relation to a mandatory unconditional cash offer by Phoenix for the Hornby shares not already held by members of the Phoenix Concert Party.
Model train set maker Hornby said on Thursday that the 32.375p a share offer made by Phoenix UK Fund for the shares in the company it doesn't already own "significantly undervalues" the group and its future prospects.
Hornby's executive chairman Roger Canham has resigned with immediate effect after Phoenix Asset Management Partners launched a mandatory 32.375 pence a share offer for the shares in the model train set maker it doesn't already own, valuing it at £27.4m.
AIM-listed model train set maker Hornby scrapped its dividend again but reported a narrower pre-tax loss for the year to the end of March and said its turnaround plan is on track.
Shareholders in model train set maker Hornby have withdrawn their request to hold a general meeting to remove chairman Roger Canham.
Model train maker Hornby said that it was not in the best interests of the company or its shareholders to remove chairman Roger Canham from the board and replace him with Alexander Anton.
Model train set maker Hornby is set to hold a general meeting after it received a formal request from leading shareholders to remove chairman Roger Canham.
Model train maker Hornby, which has recently issued a string of profit warnings, said on Friday that the first stage of its turnaround has now completed and it has successfully restructured its European and UK operations, resulting in structural improvements to the cost base.
AIM-listed train set maker Hornby said on Tuesday that current trading was "robust" and the group's turnaround plan is progressing well.
Model train maker Hornby reported a widening of its pre-tax loss in the six months to the end of September as revenue declined but said its turnaround plan was progressing well.