Toymaker Hornby is the chief to step down

The chief executive of model toymaker Hornby, Steve Cooke, is a step down in the midst of a strategic review of the firm’s majority shareholder.

Phoenix Asset Management, took the total control of the company earlier this year, in an effort to boost growth.

A change of plan in the Scalextric-to-Airfix toy of the firm has been seen to reduce the range of products and cutting investment.

Last week, Hornby, warned during his-year performance due to increased competition and weakening demand.”New chapter”

The company said Mr Cooke’s departure was a “mutual agreement” and that he would remain in place for a transition period.

Joined the company as chief financial officer in June of 2015 and became executive chairman in April of 2016.

Interim president David Adams said: “The position of Phoenix as Hornby the majority of the shareholders represents a new chapter in the development of the group, and the board is working in close collaboration with Phoenix to establish the direction of the business in the future.”

In June of Phoenix, launched a mandatory bid for Hornby, after offering to buy a game from another investor who gave you a 55% stake in the company.

Phoenix, said the intent of developing an understanding of the group and its long-term strategy.

The offer, of 32.375 p a share, with values of Hornby at £27.4 m. At the time, Hornby said that the takeover bid from its largest shareholder “significantly” undervalued the company.

The company is trying to revive its fortunes, and is due to the release of new products in the second half of the year to help increase demand.

In the early hours of the afternoon, Hornby shares were down 6.84% at 27.25 p.