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Hornby has agreed to sell its loss-making subsidiary, Oxford Diecast, to EKD Enterprises for £1.38 million. The deal, part of a profitability strategy for the Mike Ashley-backed company, will see former chairman Lyndon Davies take control of the 1:76 scale models business. The sale will allow Hornby to offload a business that made a £200,000 pre-tax loss and has a net book value of nearly £3 million on the group’s balance sheet, with Mr. Davies stepping down from the board once the transaction is complete.
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