Hornby rails against shareholder bid to oust chairman

Model train maker Hornby today came out fighting against attempts to oust its chairman Roger Canham.

The board of the Scalextric, Corgi and Airfix owner said proposals to remove Canham and appoint City veteran Alexander Anton as a director were “not in the best interests of the company” and unanimously urged shareholders to vote against them at a special meeting on May 16.

Anton wrote to the toy seller earlier this month calling for the shake-up, in a letter signed by a group holding around 20% of the firm’s shares.

It came just days after Hornby, which a year ago was close to collapse after losing touch with customers and suffering supply chain issues, declared the first stage of its turnaround complete.

The board today insisted its strategy, including slimming down product ranges, cutting costs and closing concessions, is well-thought out and working.

It added that it has the support of a majority of shareholders and that its board structure was “consistent with good governance”.

Canham is also chairman of Hornby’s largest shareholder Phoenix Asset Management, which owns nearly 30% of the company.