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09-01-2006, 10:10 AM
Future looks bleak for iconic model-maker Airfix Sep 1 2006
Daily Post
THE future of model-maker Airfix was in doubt yesterday, after its parent company went into administration.
The plastic kits of Spitfires, Hurricanes and Lancaster bombers, which enjoyed their heyday in the 1960s and 1970s, have fascinated children for almost 60 years.
But last night 31 staff out of 41 were made redundant at its parent firm, Humbrol, after it went into administration due to "severe cash flow pressures" and also a disruption in supplies from its principal manufacturer in France.
Fans were concerned that this could signal the end of the historic brand, although administrators said that they were still looking around for a buyer.
Jeremy Brook, of the Airfix Collectors Club, said it was a sad day for British youth.
"When you think of construction kits, you think of Airfix," he said..
"All the schoolboys of the '50s, '60s and '70s remember them, being covered in glue and cutting your fingers as you assembled them.
"It's a great shame if Airfix
is going to languish or go completely." Accountancy firm Grant Thornton, in Leeds, was appointed administrator yesterday to Hull-based Humbrol.
Administrator Keith Hinds said Humbrol, which also owns Plasticine and Young Scientist, had suffered trading losses for several years.
A new management team was brought in last December to restructure the business, but a disruption to supplies brought about by the insolvency of its principal manufacturing supplier, Heller SA, in France, meant Humbrol could no longer continue.
Mr Hinds said: "As a consequence of the uncertainty of product supply, deliveries to customers are being limited to dispatches from current stock lines and ongoing trading is extremely restricted.
"The brand names and intellectual property of the business was potentially very valuable," he said,, adding that he was "looking to sell these to a potential investor who may be able to invest in and develop these iconic brands".
Daily Post
THE future of model-maker Airfix was in doubt yesterday, after its parent company went into administration.
The plastic kits of Spitfires, Hurricanes and Lancaster bombers, which enjoyed their heyday in the 1960s and 1970s, have fascinated children for almost 60 years.
But last night 31 staff out of 41 were made redundant at its parent firm, Humbrol, after it went into administration due to "severe cash flow pressures" and also a disruption in supplies from its principal manufacturer in France.
Fans were concerned that this could signal the end of the historic brand, although administrators said that they were still looking around for a buyer.
Jeremy Brook, of the Airfix Collectors Club, said it was a sad day for British youth.
"When you think of construction kits, you think of Airfix," he said..
"All the schoolboys of the '50s, '60s and '70s remember them, being covered in glue and cutting your fingers as you assembled them.
"It's a great shame if Airfix
is going to languish or go completely." Accountancy firm Grant Thornton, in Leeds, was appointed administrator yesterday to Hull-based Humbrol.
Administrator Keith Hinds said Humbrol, which also owns Plasticine and Young Scientist, had suffered trading losses for several years.
A new management team was brought in last December to restructure the business, but a disruption to supplies brought about by the insolvency of its principal manufacturing supplier, Heller SA, in France, meant Humbrol could no longer continue.
Mr Hinds said: "As a consequence of the uncertainty of product supply, deliveries to customers are being limited to dispatches from current stock lines and ongoing trading is extremely restricted.
"The brand names and intellectual property of the business was potentially very valuable," he said,, adding that he was "looking to sell these to a potential investor who may be able to invest in and develop these iconic brands".