Hornby boss set for the sidings as shareholder revolution continues

 
Oliver Gill
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Last week, Hornby warned on soft first-half trading (Source: Getty)

The chief exec of Hornby has agreed to step down as the toy firm's majority shareholder continues to shake-up operations.

Steve Cooke, who was appointed in April 2016, will leave the firm at a date yet to be agreed.

Shares in the firm fell over six per cent in the wake of the news.

It is understood Hornby's board has identified a Cooke's successor but is yet to finalise details of the person's appointment.

The exit is part of a wider review by Phoenix asset management, which took control of Hornby earlier this year.

Read more: Hornby shares slide on softer trading

Interim chairman David Adams said Phoenix's involvement with Hornby represented a "new chapter" in the development of the company.

He added: "The board is working closely with Phoenix to set the direction of the business going forward."

Adams went on to thank Cooke for his leadership during the "first stage" of Hornby's turnaround last year.

Last week Hornby warned first-half trading hadn't worked out as they expected.

The Kent-based firm said sales had been hit by softer market demand over the summer months and an increase in competition from independent firms in the UK.

However, Hornby said it was confident it can make up on the lost ground in the second half of the year.

Read more: Hornby appoints millennial fund manager to its board

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