Hornby chief foreman Steve Cooke steps down after Phoenix UK Fund tightens handle
Cooke, who was promoted from finance director in April 2016, order stay on for a transitional period.
Phoenix recently bought out another big investor to ladies man its stake to 55 per cent, triggering a £27.4 million takeover proposal which Hornby said undervalued the firm. Its strategy is under comment on.
Interim chairman David Adams pronounced: «The position of Phoenix as Hornby’s majority shareholder represents a new chapter in the condition of the group and the board is working closely with Phoenix to set the direction of the calling going forward.
«The board would like to thank Steve Cooke for his giant contribution to the group, in particular his leadership of the first stage of the turnaround that was publicized to the market last year.
Cooke will stoppage on for a transitional period
«We are delighted that Steve has agreed to remain in the tack and effect an orderly transition to the appointment of the new CEO.»
Phoenix UK Fund increased its shareholding in Hornby in July to uncountable than 70 per cent.