The future of Airfix Humbrol has been secured after its was purchased by
model and train set manufacturer Hornby for £2.6m.
will look to revitalise the Airfix brand by adding a range of kits for
younger children alongside the more traditional models it makes.
It will restructure the business by moving distribution, sales and marketing
operations to its own site in Kent.
‘The strategic fit with Hornby is excellent,’ said Hornby chief executive
‘Hornby has similar distribution channels to Humbrol/Airfix, and we therefore
plan to integrate the business into our existing structure, which gives the
business the right platform and a more streamlined base from which to grow.’
partners acted as administrators at Airfix since September, and made 31 out
of 41 staff redundant at the Hull-based business.
Keith Hinds, joint administrator, 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.’
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies