Hornby (AIM:HRN) - Discounting hits the buffers now- will this business deliver for shareholders?
The AIM quoted international models and collectibles group has announced that it will no longer offer for sale large quantities of stock at a discount. This follows a review by the new CEO who is endeavouring to get to grips with the beleaguered group. After several years of losses and a tough market he certainly has his work cut out. Is there a future for this business and its iconic brands?
Thankfully an £8m fund raising at 27p per share back in July 2016 has strengthened the Balance Sheet and given new Hornby CEO Lyndon Davies some breathing space. Mr Davies, is current Chairman of Oxford Diecast, a business founded in 1993 and he remains the majority shareholder of LCD Enterprises Limited (“LCD”), the ultimate owner of the Oxford Diecast brands. With its focus on diecast vehicles, aircraft and, more recently, rail based products he has…
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