Miniature transport maker Hornby has appointed an exec from its majority shareholder to its board.
James Wilson, a 31-year-old partner at Phoenix Asset Management, takes his first UK directorship as a non-executive director of the model maker.
Barnes-based asset manager Phoenix has a 71.5 per cent in the Aim-quoted Hornby. After picking up more than 50 per cent the firm's stock it was recently obliged to make a formal takeover attempt for the shares it did not own.
The offer was taken up by over a third of shareholders, despite Hornby saying its approaches "significantly undervalued" the company.
Phoenix has maintained it has no plans of taking Hornby private.
Hornby is in the middle of a turnaround process after a raft of profit warnings, debt structuring and an attempt to raise fresh capital.
In April, the then chairman Roger Canham – who is also the chair of Phoenix – was ousted after a number of institutions raised concerns and requested his removal.
Meanwhile, the firm's interim chairman David Adams said today:
I welcome James to the Board, which continues Phoenix' long term representation on it and I look forward to working with him.