Hornby has secures funding to support its working capital requirements for the next few years.
Hornby has secured a funding facility of £12m from Secure Trust Bank Commercial Finance to support its working capital requirements in the coming years as it seeks to expand its global reach and meet rising demand. The figure constitutes a £6m accounts facility and £6m inventory facility, with funding set to support the brand’s working capital needs over the coming years.
With a workforce of 200 employees worldwide, Hornby produces and supplies hobby and toy products under popular brands like Scalextric, Airfix, Humbrol, and Corgi. The facility provided by Secure Trust Bank is expected to aid Hornby in its efforts to expand its global reach.
Lyndon Davies, Chief Executive at Hornby, said that the past few years have been transformational for Hornby, with an increased workforce, enhanced market knowledge, and established partnerships with the best manufacturers. He added that the support received from Secure Trust Bank is set to prove invaluable in the company’s mission to continue creating timeless products that its customers love.
The news comes as Hornby reports a resurgence in recent years, with significant growth in sales and a return to profitability after the arrival of a new management team in 2017. In 2019, Hornby reported revenues of £32.6m, which increased to £37.6m in 2020 and £45.9m in 2021.
