Model-maker Hornby acquires minority interest in Warlord Games
Kent-headquartered model-maker Hornby has acquired a minority interest in Nottingham-based Warlord Games for £1.25 million in cash.
Olly Raeburn, CEO of Hornby, said of the acquisition of a 25% stake: "We are absolutely delighted to be able to join forces with Warlord Games, whose business we have always admired.
Visit Hampshire Biz News for bright, upbeat and positive business news from the county
"We very much look forward to working with the team there to maximise the potential of the business and use their significant experience and expertise for the benefit of the wider group."
Warlord was founded in 2007 by two former Games Workshop employees and is a leading producer of tabletop wargames, miniatures and accessories. It also holds the licences to produce games and miniatures for the much-loved TV series, Dad's Army and the galaxy's greatest comic, 2000 AD.
Hornby has the option to acquire a majority stake in Warlord on or around the second anniversary of this initial acquisition and to acquire any remaining shares in the firm on future anniversaries.
The deal is being funded by an increase to Hornby's Phoenix loan facility.
Its lender Phoenix UK Fund Limited has agreed to extend the amount and term of its existing facility - to £11.25 million (from £9 million) and by 12 months to December 31, 2024.
