Leading Margate-based UK hobby and toy specialist, Hornby Hobbies Ltd, is set to build on its recent success, after securing a £12m combined facility from Secure Trust Bank Commercial Finance.
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.
Founded in 1901, Hornby develops, produces, and supplies hobby and toy products all across the world. Its established brands include the likes of Airfix, Humbrol, Scalextric and Corgi. The toy giant employs more than 200 staff globally, with offices based in the UK, America, France, Germany, Spain and Italy.
The news arrives following a resurgence for the business in recent years. Since welcoming a new management team in 2017, the hobby specialist has seen a substantial turnaround, with a growth in sales, and return to profit. In 2019, Hornby reported a revenue of £32.6m, which increased to £37.6m in 2020 and £45.9m in 2021.
Tony Young, Regional Sales Director of London and South-East at Secure Trust Bank Commercial Finance, said: “It has been a pleasure working with Hornby and getting to know the management team. Hornby is a household name and the success over recent years reflects the hard work and dedication of its team. With this facility in place, Hornby can continue to thrive and invest in a legacy that started more than a century ago.”
Lyndon Davies, Chief Executive at Hornby, said: “The past few years have been transformational for Hornby. It’s been our priority to keep the business on track and thriving for the millions of collectors and hobbyists across the globe. Since welcoming our new management team, we have expanded our workforce, enhanced our market knowledge, and established partnerships with the best manufacturers.
“The support that we have received from Secure Trust Bank is set to prove invaluable, and this new facility will help us to continue creating timeless products that our customers love. Its commercial finance team took the time to fully understand the needs of our business, making the process quick and easy.”