Company veteran and non-executive director will take up the role with immediate effect.

John Stansfield has been with Hornby for 31 years and has spent 12 as group finance director. He will replace chief executive Lyndon Davies, who temporarily took on the role of joint chairman-CEO after the former chairman stepped down.

Separating the roles of CEO and chairman “will enable the company to comply with the recommendations of the QCA Corporate Governance Code,” Hornby said in a statement.

Lyndon Davies joined Hornby from model carmaker Oxford Diecast last October, after Phoenix Asset Management took over Hornby and announced a turnaround plan.

Lyndon commented: “Working with John since he joined the board eight months ago has been a real pleasure, and I look forward to working with him in his new role as chairman. His accumulated knowledge over three decades at the company has helped us navigate some of the difficult changes we are making.”