Latest news with #Margate-based
The Independent
13-03-2025
- Business
- The Independent
Toy firm Hornby unveils plans to go private
Mike Ashley-backed Scalextric and model train firm Hornby has revealed plans to go private, blaming regulatory hurdles and costs involved with a stock market listing. The Aim-listed group – which has been undergoing a turnaround with advice from Frasers founder and billionaire Mr Ashley – said it plans to re-register as a private company to help with its ongoing overhaul. The Margate-based group said: 'The board anticipates that for this process of structural change to continue at pace and to maximum effect, operating outside a publicly quoted environment would improve its decision-making ability.' 'At the same time, the board is conscious of the limited liquidity of the company's shares on Aim balanced against the regulatory burden and cost of maintaining the public quotation,' it added. Shares in the group – which have already plunged by 50% over the past year – tumbled by more than another 32% in morning trading on Thursday. Hornby added: 'The company's announcement today is not taken lightly. 'The directors are confident that operating as a private entity will provide Hornby with the necessary agility for swift decision-making and efficient execution of strategy whilst not depriving shareholders of material benefit.' Investors will vote on the plans to delist on April 1, with support from at least 75% of investors needed for the proposal to be approved. In an update alongside the plans, Hornby said trading had been weaker in January and February, but that it remains on track for full-year sales growth. It has suffered amid shipping delays, but said these are expected to ease 'in the coming months'. The firm said in March last year that Mr Ashley would advise Hornby after building up an 8.9% stake in the model train specialist, becoming its third largest shareholder. The toy company said the retail tycoon 'entered into a consultancy arrangement' as it sought a financial turnaround. It is hoped the move can help spark a financial turnaround at Hornby after it had seen losses mount. Shares in the company slipped to their lowest price for decades at the end of 2023 as a result, but hit new lows on Thursday after the latest delisting news. It also marks the latest blow to London's junior Aim market, which has been hit by a raft of firms delisting in recent years, with 92 firms leaving the market last year.
Yahoo
13-03-2025
- Business
- Yahoo
Toy firm Hornby unveils plans to go private
Mike Ashley-backed Scalextric and model train firm Hornby has revealed plans to go private, blaming regulatory hurdles and costs involved with a stock market listing. The Aim-listed group – which has been undergoing a turnaround with advice from Frasers founder and billionaire Mr Ashley – said it plans to re-register as a private company to help with its ongoing overhaul. The Margate-based group said: 'The board anticipates that for this process of structural change to continue at pace and to maximum effect, operating outside a publicly quoted environment would improve its decision-making ability.' 'At the same time, the board is conscious of the limited liquidity of the company's shares on Aim balanced against the regulatory burden and cost of maintaining the public quotation,' it added. Shares in the group – which have already plunged by 50% over the past year – tumbled by more than another 32% in morning trading on Thursday. Hornby added: 'The company's announcement today is not taken lightly. 'The directors are confident that operating as a private entity will provide Hornby with the necessary agility for swift decision-making and efficient execution of strategy whilst not depriving shareholders of material benefit.' Investors will vote on the plans to delist on April 1, with support from at least 75% of investors needed for the proposal to be approved. In an update alongside the plans, Hornby said trading had been weaker in January and February, but that it remains on track for full-year sales growth. It has suffered amid shipping delays, but said these are expected to ease 'in the coming months'. The firm said in March last year that Mr Ashley would advise Hornby after building up an 8.9% stake in the model train specialist, becoming its third largest shareholder. The toy company said the retail tycoon 'entered into a consultancy arrangement' as it sought a financial turnaround. It is hoped the move can help spark a financial turnaround at Hornby after it had seen losses mount. Shares in the company slipped to their lowest price for decades at the end of 2023 as a result, but hit new lows on Thursday after the latest delisting news. It also marks the latest blow to London's junior Aim market, which has been hit by a raft of firms delisting in recent years, with 92 firms leaving the market last year.
BBC News
02-03-2025
- General
- BBC News
Thanet: Community hop growing scheme set to expand
A community hop growing scheme in east Kent is set to Along Thanet, a non-profit making organisation which launched in 2020, encourages its members to grow the crop in their back gardens and allotment plots. The University of Kent at Canterbury has just joined the project and is set to grow 20 plants on its campus. Chris Morrissey, founding member, said: "Its more than a hobby, it's an involvement with a historic Kent tradition". Hop Along Thanet is one of a number of community hop growing groups across Kent. It has more than 50 members who have planted 150 hop bines in their gardens and allotments across are perennial but new roots are planted in early spring with the crop normally harvested in mid Morrissey set up the group during said: "Not only did it bring people together in a difficult period but it gave me something new and interesting to do." After harvesting, the crops are taken to a Margate-based brewery to be turned into beer. Mr Morrissey said: "Every member is invited to come down and have a pint or two."Hops are a wonderful and beautiful thing to have growing in your garden or allotment. "People really enjoy coming together at harvest time."
