Hornby plans turnaround to put model rail firm back on track after £13.5m loss

The boss of Hornby has promised "fundamental change" after annual losses at the troubled model railway firm ballooned to £13.5m from £0.2m in 2015.

Steve Cooke said the company will raise £8m through a share sale, reduce costs and renegotiate its loans as part of a wide-ranging turnaround plan following a strategic review.