Hornby announces plans to raise £12m in share sale

Troubled toymaker Hornby has confirmed plans to raise £12m through a fresh equity placing meant to help shore up its balance sheet and fund the purchase of its new boss's business.

Troubled toymaker Hornby has confirmed plans to raise £12m (€13m) through a fresh equity placing meant to help shore up its balance sheet and fund the purchase of its new boss's business.

It is the third time in three years that the Scalextric-to-Airfix business has turned to investors for extra cash, having unveiled a £15m (€16m) equity fundraise in 2015 and a further £8m (€9m) in 2016.