Hornby chief Frank Martin to retire
MARGATE model manufacturer Hornby announced that its chief executive Frank Martin is to step down this summer.
The classic toy company on Ramsgate Road has suffered a 40 per cent share price drop and issued several profit warnings in recent months after problems with its overseas supply chain.
During his 12-year term at the helm, Mr Martin moved manufacture out of its Thanet HQ to China in 2002 and acquired several popular European brands including Airfix, Corgi Classics and Humbrol paints.
Mr Martin will become deputy chairman and chairman Roger Canham will begin the search for his successor.
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In a statement to investors, Mr Canham said: "I am pleased that the business is in a more stable shape going forward. Our supply chain is improving and our brands remain popular.
"I am satisfied that the steps we have taken will lead to an improved financial performance in the future."
Outgoing chief Mr Martin said: "Hornby has faced significant global challenges over the past few years.
"However, I believe that we have laid the foundations to improve the performance of the Group and deliver value to our shareholders as we continue to drive our outstanding portfolio of brands. "