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Models and collectibles group Hornby said it had acquired the remaining 51% stake in LCD Enterprises which it didn't already hold, for £1.3 million.
LCD holds majority interests in the Oxford Diecast Group, which supplies diecast model vehicles and railway products to the collector, gift and hobby markets in the UK, Hong Kong and North America.
'The Company believes that the Oxford Diecast Group's portfolio of brands and industry knowledge are complimentary to its existing brand portfolio and that opportunities exist for the two businesses to work collaboratively together to grow both businesses,' Hornby said.
On 8 December 2017 the company completed the acquisition of 49% of LCD, for £1.6 million payable in cash pursuant to the LCD SPA.
For the financial year ended 31 December 2020 LCD reported a net profit after tax of approximately £0.2 million.
'Pursuant to the acquisition, the Group will acquire LCD's inventories and other assets, as well as liabilities which include an outstanding loan amount owed to Lyndon Davies totalling £600,000,' the company said.