The model railway maker Hornby has begun the search for a new chief executive after Frank Martin announced he is quitting after 12 years in the role. The maker of Scalextric cars and Airfix kits also said it is culling layers of management to cut costs and simplify its business. In an update before the end of its financial year, Hornby also said that trading had been in line with expectations, despite the "challenging" retail environment in Europe and the UK.
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