10 November 2006 – UK toy models group Hornby has acquired the key assets of Humbrol, the owner of the Airfix plastic model kits, from administrators (PRW.com 31 August).
Hornby has agreed to pay £2.6m for the assets, comprising the Airfix business as well as Humbrol paints, the Young Scientist business and their associated assets. In the year to 31 December 2005 these brands achieved sales of £6.5m, said Hornby.
Chief executive of Hornby, Frank Martin, said: “We are delighted to have acquired Airfix and Humbrol, both of which are iconic brands in the hobby market. The strategic fit with Hornby is excellent.”
He said Hornby has similar distribution channels to Humbrol and Airfix, so it plans to integrate the acquired businesses into its existing structure. Hornby will also reduce the cost base of the manufacturing and assembly processes, said Martin.
Hornby is well known for its model railway products and it also owns the Scalextric slot car racing business.
The administrator of Humbrol, Keith Hinds of Grant Thornton, said: "I am delighted to be able to announce this successful sale. This transaction provides the best opportunity to preserve and develop what is an iconic brand."
