Company has warned that its revenue and profits will be lower than expected this year.
David’s departure, and the warning on revenue and profits, are further snags in plans to turn around the embattled toy maker. The firm said on Tuesday that it would stop offering bulk discounts following an initial business review by new chief executive Lyndon Charles Davies, who only took the top job earlier this month.
However Hornby warned that this move would mean it will be unable to recoup its shortfall in the current financial year. In the longer term, it hopes to “maximise the value of its brands”, it said.
Lyndon, the former chairman and founder of toy vehicle maker Oxford Diecast, is continuing his review of the business and will provide another update at its half-year results in mid-November.
The news comes just a fortnight after Lyndon’s appointment was announced. Hornby’s last chief executive, Steve Cook, stepped down in September after just over a year in charge, having previously been the firm’s finance boss.
Hornby also said on Tuesday that David Adams would leave the company to take up another appointment once a replacement is found. He had held the chairman post on an interim basis since June after being appointed following the ousting of his predecessor by a former shareholder.
Hornby has warned that its performance this year would be below expectations. Shares in the firm were down 1.49% at 33p on Tuesday morning.