Hornby buys 25pc of Warlord Games for £1.25m

7th Jul 2023 14:00

(Sharecast News) - Models and collectibles group Hornby announced the acquisition of a 25% share in Warlord Games, it announced on Friday, which produces historical tabletop wargames, miniatures, and accessories.

The AIM-traded firm said the deal was finalised for cash consideration of £1.25m.

It said Warlord, founded in 2007 by two former Games Workshop employees, had garnered a strong reputation in the industry.

The company holds licenses to produce games and miniatures for popular entertainment franchises such as Dad's Army and comic series 2000 AD.

Hornby said the acquisition would provide it with an opportunity to diversify its product portfolio and tap into the thriving market for historical tabletop wargames and miniatures.

With the initial investment, Hornby also secured an option to acquire a majority stake in Warlord around the second anniversary of the initial acquisition, and potentially gain complete ownership of the company in the future.

Warlord would continue to operate autonomously under its existing management team.

The current directors would retain control over the company, while benefiting from the expertise and resources of Hornby.

"We are absolutely delighted to be able to join forces with Warlord Games, whose business we have always admired," said chief executive officer Olly Raeburn.

"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."

At 1244 BST, shares in Hornby were flat at 17p.

Reporting by Josh White for Sharecast.com.