Hornby

Iconic Brand Portfolio

The strength of Hornby lies in its portfolio of individually powerful brands, each with deep heritage and passionate communities. Hornby is synonymous with model railways, a cornerstone of British hobbyist culture since the 1920s. Airfix is the world's most recognised name in plastic model kits, beloved by generations. Corgi produces collectible die-cast models of cars, buses, and aircraft. Scalextric defined slot car racing and remains the market leader. Pocher offers premium large-scale model car kits at the luxury end of the market. Humbrol provides the paints and tools that support the entire modelling community.

The portfolio has continued to grow with the acquisitions of Warlord Games, a leader in tabletop wargaming, and the Corgi Model Club, a subscription service extending the direct relationship with collectors.

Investment Background

Despite Hornby's rich heritage and strong brand recognition, the business had underperformed for years. The company had not capitalised on the full potential of its brands, with fragmented management, an underdeveloped direct-to-consumer offering, and insufficient investment in digital capabilities. This underperformance meant the business was significantly undervalued relative to the strength of its brands and the loyalty of its customer base, creating an attractive opportunity for Castelnau's investment manager, Phoenix Asset Management, which first invested in 2017.

Modernisation Under Castelnau

Since Castelnau's involvement, Hornby has been restructured around a brand-led model, with dedicated managing directors for each brand who live and breathe their respective communities. This ensures each brand receives focused leadership rather than being managed as a single homogeneous business.

The company has significantly expanded its direct-to-consumer capabilities, building out its e-commerce platforms to strengthen the direct relationship with hobbyists and collectors. Strategic acquisitions, including Warlord Games, have broadened the portfolio into adjacent categories while maintaining the core focus on passionate, engaged communities.

Value Creation Strategy

Hornby's products naturally align with higher-level psychological needs — esteem, creativity, and self-actualisation. Customers find deep fulfilment through hobbies that provide accomplishment, mastery, and community. This creates powerful brand loyalty and lifetime customer value that the business is now positioned to fully capture.

The value creation opportunity lies in leveraging these established heritage brands while continuing to modernise through digital transformation, expanding the direct-to-consumer offering, growing the global customer base, and entering adjacent addressable markets. Each brand has untapped potential that focused, passionate leadership can unlock.