Hornby acquires 25% share in Warlord Games Limited

Warlord Games logoHornby has acquired a 25% share in Warlord Games for £1.25 million.

Warlord, founded in 2007 by two former Games Workshop employees, has firmly established itself as one of the world’s leading producers of historical tabletop wargames, miniatures, and accessories. Headquartered in Nottingham, the spiritual home of UK wargaming, Warlord Games boasts an impressive portfolio that includes licenses to produce games and miniatures based on the much-loved TV series Dad’s Army and the renowned comic 2000 AD.

Olly Raeburn, CEO of Hornby, said, “We are absolutely delighted to be able to join forces with Warlord Games, whose business we have always admired. We very much look forward to working with the team there to maximise the potential of the business and use their significant experience and expertise for the benefit of the wider Group.”

Hornby has the option to acquire a majority stake in Warlord on or around the second anniversary of this initial acquisition and then to acquire any remaining shares in Warlord on future anniversaries.

MRE Comment: This collaboration between Hornby and leading tabletop gaming manufacturer Warlord is a logical step, given the inherent connections and complimentary markets between Hornby model-making brands (Humbrol and Airfix) and war gaming and one that’s overdue, even more so given the synergies possible. It also allows Hornby to diversify, tapping into the lucrative tabletop gaming market that it has explored with its Airfix Battles wargame range.

By initially acquiring a 25% stake with the option to acquire a majority stake in Warlord on or around the second anniversary, Hornby has also taken a measured approach through which they can assess the collaboration’s synergies and gauge the success of the partnership before committing further while also showing their confidence in the move.

While model trains may not be the driver for this deal, I for one would love to see a Dad’s Army home-guard-themed train set, with optional Hornby Skaledale versions of buildings from Walmington-on-Sea from the series, miniature figures of the cast, and an Airfix model downed German planes it would be so much fun to collect, build and operate.

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