Hornby, the international models and collectibles group, has acquired a 25% share in Nottingham-based Warlord Games Limited for cash consideration of £1.25 million.

Hornby has the option to acquire a majority stake in Warlord on or around the second anniversary of this initial acquisition and then to acquire any remaining shares in Warlord on future anniversaries.

Warlord was founded in 2007 by two former Games Workshop employees and is now one of the world’s leading producers of principally historical tabletop wargames, miniatures and accessories. Warlord hold the licences to produce games and miniatures for the much-loved TV series, Dad’s Army and the galaxy’s greatest comic, 2000 AD.

Warlord manufactures primarily in the UK and sells to over 600 distributors and stores around the world via their sales teams in the UK, Europe and the Americas. Warlord also operates a direct-to-consumer operation via their website.

Warlord will continue to be managed by its existing directors and the company believes that this transaction creates a number of opportunities to accelerate growth of the business further still.

Olly Raeburn, CEO of Hornby, said: “We are absolutely delighted to be able to join forces with Warlord Games, whose business we have always admired. 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.”

John Stallard, CEO and founder of Warlord, said: “We are very much looking forward to working closely with Hornby as we have been big fans for many years. We see this as a huge opportunity to continue to build Warlord long into the future, as well as to contribute in any way we can to the future success of Hornby and its stable of iconic brands as there are innumerable opportunities and synergies in sales, marketing and production.”

Bob Holt OBE, chairman, said: “I am pleased to report a further year of continued growth as we rebalanced our portfolio towards higher margin business, and made significant organisational progress across the group.”

Wendy Lawrence, Chief Executive Officer, said: “In line with our buy and build strategy, we remain acquisitive where opportunities enhance our ability to deliver increased shareholder returns and broaden services for commissioners.

“In the year ahead, we will remain focused on making further progress with our growth strategy whilst ensuring we maintain the delivery of high-quality services and manage our costs. We expect the coming year to be challenging as the NHS continues to operate in crisis and faces ever-increasing demand across all services.

“The Board remains very confident in that the number of opportunities for the company continue to grow and we are ready and prepared to further support the NHS as it continues to focus on the recovery and embedding of sustainable services able to cope with continuing higher levels of demand and the reduction of waiting times and waiting lists.”

Tim Bateson and Chris Pole from Interpath Advisory have been appointed joint administrators to Majestic Bingo Limited. 

Majestic Bingo is an independent operator of retail bingo, operating eight clubs across England and Wales and employing 143 people at the time of the appointment of the administrators.

Historically profitable, the company was adversely impacted by lockdowns during the COVID-19 pandemic which caused significant reductions in admissions which have since failed to fully recover.

In May 2021, the company’s bingo hall in Spalding, which was a profitable venue, suffered a serious fire as a result of an electrical fault and subsequently never reopened. 

More recently, the cost-of-living crisis and the fall in disposable incomes seen across the UK since late 2021 has also adversely impacted the business.

Consequently, the financial performance and position of the group has declined in recent years, leading the company to experience cashflow challenges. As a result, the directors resolved to place the company into administration. 

Following their appointment, the joint administrators will continue to trade the business and all eight venues as a going concern while they explore options for a sale of the business and its assets. All members of staff have been retained by the administrators to enable trade to continue. 

The joint administrators have confirmed that they will honour customers’ Electronic Bingo Terminal (EBT) funds and any valid gift vouchers for the period whilst trading continues.

Majestic’s online business, Majestic Bingo Online Limited, is a separate entity which is not in administration and continues to operate on a solvent basis as usual. 

Tim Bateson, director at Interpath Advisory and joint administrator, said: “Majestic is one of the UK’s most recognisable independent bingo operators, but in recent years has seen trading adversely affected by the impact of lockdowns during the COVID-19 pandemic, as well as the cost-of-living crisis.

“We will continue to trade the business in the immediate term while we seek a buyer for the business, and would encourage any interested parties to make contact with us as soon as possible.”