The company’s revenue fell 25% to £35.7m in the 12 months to March, taking losses from £9.5m to £10.1m. It issued a profit warning in October last year, following two previous warnings within the span of 18 months four years ago.

UK based, Phoenix Asset Management now has controlling stakes in Hornby and Stanley Gibbons.

Phoenix has £800m of assets under management, with stakes in low-cost airline Easy Jet, housebuilder Bellway and retail group Sports Direct in its flagship £220m Phoenix UK Fund.

It now also has controlling stakes in two of the best known hobbyist companies. It owns 75% of Hornby which also encompasses the Scalextric and Airfix brands, and 58.1% of Stanley Gibbons.

And don't forget that during 2017 to March 18, Airfix was heavily discounting and still made a 25% loss, which is why the new owner called a halt to it.

Question now is, what will the loss be for March 2018 to March 2019?

Because if they made a 25% loss by heavily discounting to sell volume across 17/18, then its unlikely they will turn a profit by putting prices back to normal, and the re-boxing of age old kits won't be their saviour either.

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