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Hornby PLC - Margate, England-based model railway maker and retailer - Buys Corgi Model Club from Blue 14, an investment vehicle majority owned by entrepreneur Jim Lewcock. Corgi toys are die-cast metal models of cars, trucks, buses and planes. They first appeared in 1956, and the brand was purchased by Hornby in 2008. Corgi Model Club was formed in 2021 as a partnership with Hornby. It creates and sells contemporary editions of classic Corgi models to collectors on a monthly subscription. It has 6,000 active subscribers. Hornby will pay £400,000 for CMC’s existing stock of Corgi models, plus additional consideration of £200,000. The deal will add about £2 million in annual revenue at a 15% operation margin to Hornby, it says. An earn-out is payable to Lewcock based on CMC’s profitability over three years from the acquisition. Current stock price: 33.00 pence 12-month change: up 32% Copyright 2024 Alliance News Ltd. All Rights Reserved.
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