New chairman gets on board at Hornby

New chairman gets on board at Hornby

Troubled toymaker Hornby has appointed a new chairman to oversee a turnaround plan at the firm.

John Stansfield, a Hornby veteran of 31 years, will take up the role in a non-executive capacity, the group said on Tuesday.

A qualified accountant, Mr Stansfield spent 12 years as Hornby's finance chief.

He will replace Lyndon Davies, who will step down from the interim chairman position to focus on his role as chief executive of Hornby.

Separating the roles of chairman and chief executive will enable the company to better comply with corporate governance, Hornby added.

The company, best known for its model railways and Scalextric car race tracks, is having a torrid time.

Earlier this year, it reported wider full-year losses, blaming former leadership for poor decisions that caused its famous brands to "fall from grace".

It booked pre-tax losses of £10.1 million (€11.3m) for the year to March 31, up from losses of £9.5m (€11m) a year earlier.

That was against a near-25% drop in revenue to £35.7m (€39.8m), while it took a £2.3m (€2.6m) hit on restructuring and refinancing costs for 2017.

Mr Davies said on Tuesday: "Working with John since he joined the board eight months ago has been a real pleasure and I look forward to working with him in his new role as chairman.

"His accumulated knowledge over three decades at the company has helped us navigate some of the difficult changes we are making. I can't think of a better person to lead the board through this important period and beyond."

More on this topic

Shares soar for online retailerShares soar for online retailer

Plans for new €75m Lusk Village Quarter including 150 new family homes launchedPlans for new €75m Lusk Village Quarter including 150 new family homes launched

B&Q owner’s profits tumbleB&Q owner’s profits tumble

Investors not sold on H&M revenue growth figuresInvestors not sold on H&M revenue growth figures

More in this Section

Johnson insists EU free trade agreement can be struck amid no-deal Brexit fearsJohnson insists EU free trade agreement can be struck amid no-deal Brexit fears

IDA Ireland: Era of optimism with growth evident in all sectorsIDA Ireland: Era of optimism with growth evident in all sectors

Renault warning of slowing sales haunts rest of European car industryRenault warning of slowing sales haunts rest of European car industry

Flying Tiger retail stores back in the blackFlying Tiger retail stores back in the black


Lifestyle

Sunday Lunch costs €45 per person and includes several set courses but with a choice of mains.Restaurant Review: Bastible Restaurant, Dublin

It never ceases to stop me in my tracks when I hear my husband intone to our children one of the oft overused phrases from my stockpile of, “Can you just not?” categories.Lindsay Woods: If my children feel I’m doing it wrong then I must be doing it right

The season of mists and mellow fruitfulness — John Keats had it right about autumn.Eyes on the pies: Eight apple tarts put to the taste test

Simone Rocha invited ieStyle into her London studio for an exclusive look behind the scenes as she put the finishing touches to her acclaimed collection for Fashion Week. Rachel Marie Walsh reportsBeing Simone Rocha: An exclusive look behind the scenes

More From The Irish Examiner