Mike Ashley’s Frasers Group has further increased its stake in model train maker Hornby.
The retail empire, which owns the likes of Sports Direct and House of Fraser, has upped its holdings in the Kent-based company to 9.1 per cent, according to a new filing with the London Stock Exchange.
The move comes after Mike Ashley stepped up his involvement in Hornby after becoming a consultant to its chief executive.
Frasers Group significantly increased its stake last month in a move which saw the group acquire more than 11m shares in Hornby, taking its total holdings to more than 15m, or 8.9 per cent, to become Hornby’s third largest shareholder.
The acquisition of shares in Hornby was the latest such move by Frasers Group following its building sizeable stakes in fellow London-listed companies Currys, AO, N Brown, Boohoo and Asos.
Since Frasers Group increased its stake, Hornby’s market capitalisation has increased from just over £35m to more than £64m.
Earlier this month, Hornby napped up the assets, trade and intellectual property of The Corgi Model Club (CMC) from Blue 14, an investment vehicle majority-owned by entrepreneur Jim Lewcock.
More than 70 per cent of Hornby’s shares are held by Phoenix Asset Management Partners, with Artemis Investment Management the next largest shareholder on 16.2 per cent.
Hornby can trace its roots back to 1901 in Liverpool when founder Frank Hornby received a patent for his Meccano construction toy.
The company currently has a market capitalisation of more than £35m and posted revenue of £23.8m for the six months to the end of September 2023 and a pre-tax loss of £5m.