Yes, another famous name in the manufacture of British cars has been sold – although this time on a much smaller scale. Model railway maker Hornby is continuing its expansion in the hobby market by buying up toy-car firm Corgi.
Hornby, which originally made its name with model railways, paid £7.5 million for the model car firm, which though originally a British brand was owned by a US company.
“We are pulling together the hobby elements of the British toy industry,” Hornby chief executive Frank Martin told the Guardian.
The firm also owns Scalextric, a brand that has been making a come back with Formula 1 and film tie-ins. It has also bought plastic model firm Airfix and Humbrol paints.
Martin hopes to use the formula that has worked for Scalextric for the Corgi models, hoping that not only will film-tie ins make the toys more appealing to a current generation of children, but also add value to them as collectors items.
He noted the importance of collectors to the industry.
“Toys are an enormous business these days,” he said. “There are thousands and thousands of collectors but people have also locked onto the fact that they can buy a £100 toy as a great investment. Its better than money in the bank at the moment. There are a number of people I know of who have invested tens of thousands of pounds on a portfolio of toys.”
Rapid Electronics are a leading UK supplier of electronic components, electrical products, home computing and office equipment to the Consumer Electronics sector.