Neil Sachdev appointed as Hornby's new non-executive chair

Models and collectibles group Hornby announced the appointment of Neil Sachdev MBE as its new non-executive chairman on Friday, effective immediately.

The AIM-traded firm said the 65-year-old Sachdev would bring extensive experience as a non-executive director.

He currently holds several prominent positions, including chair of HM Land Registry, EastWest Rail Company, and Network Rail Property Company.

Sachdev is also a council member at the University of Warwick.

“We're delighted to have someone of Neil's calibre joining us as non-exec chairman,” said chief executive officer Olly Raeburn.

“This is a pivotal time for Hornby and Neil's retail and supply chain experience will add a valuable perspective, and provide welcomed support, to the turnaround that's already underway.”

Hornby said that throughout his executive career, Sachdev served as stores board director at Tesco, where he oversaw property and operations for the UK business, and as group property director at J Sainsbury.

Its Board also expressed gratitude to John Stansfield, who served as interim non-executive chairman during the search for a permanent candidate.

Stansfield would continue to serve on the board as an independent non-executive director following Sachdev's appointment.

“It is a real privilege to join Hornby Plc and to work with such an enviable portfolio of great heritage brands,” Neil Sachdev commented.

“This is an incredibly exciting time for Hornby as it moves from a period of restructuring to stability, to growth.#

“I am looking forward to working with Olly and the rest of the board to support them as this iconic and enriching business continues its journey to profitability.”

At 1003 BST, shares in Hornby were down 4.17% at 23p.

Reporting by Josh White for Sharecast.com.