German firm set to rescue Airfix,Revell MBO eyes Humbrol assets.
A GERMAN firm is set to fly in to save model-maker Airfix, famous for its plastic kit replicas of Spitfires, Hurricanes and Lancaster bombers.
Hobby firm Revell yesterday revealed its interest in making a move for Airfix, whose future was put into doubt last month after its Hull-based parent company Humbrol went into administration.
Revell would also not rule out moves for other Humbrol assets.
Accountancy firm Grant Thornton, in Leeds, which was appointed administrators, made 31 of Humbrol's 41 staff redundant.
The move was blamed on severe cash flow pressures and disruption to supplies due to the insolvency of Heller, its main manufacturing supplier in France, in spite of a new management team being brought in last December to restructure the business.
Administrators said they hoped to sell the company's 'iconic' brands and intellectual property rights.
The news that the future of Airfix was in doubt was greeted by an outpouring of nostalgia for the plastic kits of well-known aircraft which enjoyed their heyday in the 1960s and 1970s.
Fans were concerned it could signal the end of the brand.
Humbrol, which also owns Plasticine and Young Scientist, has suffered trading losses for several years.
German-firm Revell, which makes Kick-O-Mania footballers, yesterday announc-ed a restructuring.
Its European businesses have been bought out by the management team and split from its north American businesses which it said puts it in a better position to make potential acquisitions, such as Humbrol assets.
Revell country manager, Tom Randrup said: "The announcement of our independence strengthens further Revell's position in the European market.
As Europe-wide leader and number one supplier of plastic kits and accessories to the UK toy and hobby market, we can confirm we have registered an interest in certain assets of Humbrol.
Earlier this month train set giant Hornby said it was considering putting an offer in to rescue Airfix.
Airfix has its origins in a company founded in London in 1939 by Hungarian-born Nicholas Kove, which manufactured cheap rubber toys filled with air.
Its first model kit was the Ferguson Tractor in 1948. The Spitfire was introduced in 1953.
Due to its massive popularity, Airfix became one of the first toy companies to have its own magazine in 1960 and it gradually expanded through acquiring a number of other companies, including Meccano.
Its range grew to include vintage and modern cars, motorcycles, trains, ocean liners and spaceships.
Children spent hours making the models which were famously difficult to assemble.
A dip in popularity saw Airfix go into receivership in 1981.
It was bought by Palitoy, part of the American General Mills toy group, and production moved to France.
In 1986 it was taken over by Humbrol, but has suffered from falling sales as children became hooked on computer games and TV.
A recent survey commissioned for First magazine found youngsters spend an average of 25 hours a week in front of either TV or games console screens – rising to 42 hours a week during the school holidays.
A GERMAN firm is set to fly in to save model-maker Airfix, famous for its plastic kit replicas of Spitfires, Hurricanes and Lancaster bombers.
Hobby firm Revell yesterday revealed its interest in making a move for Airfix, whose future was put into doubt last month after its Hull-based parent company Humbrol went into administration.
Revell would also not rule out moves for other Humbrol assets.
Accountancy firm Grant Thornton, in Leeds, which was appointed administrators, made 31 of Humbrol's 41 staff redundant.
The move was blamed on severe cash flow pressures and disruption to supplies due to the insolvency of Heller, its main manufacturing supplier in France, in spite of a new management team being brought in last December to restructure the business.
Administrators said they hoped to sell the company's 'iconic' brands and intellectual property rights.
The news that the future of Airfix was in doubt was greeted by an outpouring of nostalgia for the plastic kits of well-known aircraft which enjoyed their heyday in the 1960s and 1970s.
Fans were concerned it could signal the end of the brand.
Humbrol, which also owns Plasticine and Young Scientist, has suffered trading losses for several years.
German-firm Revell, which makes Kick-O-Mania footballers, yesterday announc-ed a restructuring.
Its European businesses have been bought out by the management team and split from its north American businesses which it said puts it in a better position to make potential acquisitions, such as Humbrol assets.
Revell country manager, Tom Randrup said: "The announcement of our independence strengthens further Revell's position in the European market.
As Europe-wide leader and number one supplier of plastic kits and accessories to the UK toy and hobby market, we can confirm we have registered an interest in certain assets of Humbrol.
Earlier this month train set giant Hornby said it was considering putting an offer in to rescue Airfix.
Airfix has its origins in a company founded in London in 1939 by Hungarian-born Nicholas Kove, which manufactured cheap rubber toys filled with air.
Its first model kit was the Ferguson Tractor in 1948. The Spitfire was introduced in 1953.
Due to its massive popularity, Airfix became one of the first toy companies to have its own magazine in 1960 and it gradually expanded through acquiring a number of other companies, including Meccano.
Its range grew to include vintage and modern cars, motorcycles, trains, ocean liners and spaceships.
Children spent hours making the models which were famously difficult to assemble.
A dip in popularity saw Airfix go into receivership in 1981.
It was bought by Palitoy, part of the American General Mills toy group, and production moved to France.
In 1986 it was taken over by Humbrol, but has suffered from falling sales as children became hooked on computer games and TV.
A recent survey commissioned for First magazine found youngsters spend an average of 25 hours a week in front of either TV or games console screens – rising to 42 hours a week during the school holidays.
Comment