Clearwater

Loan docs usually specify calculation dates which would normally be linked to accounting dates, eg financial year end, half year etc. There will be an obligation on Hornby to deliver figures to the bank within a certain number of days of the calculation date. The bank will then need to makes its decision within a set time frame. Understandably borrowers do not like having a sword of Damocles hanging over them for an unknown time period so unless the bank calls the default, it will be waived within a certain timeframe. Basically it forces the bank to make its decision. Dates are usually picked in line with accounting periods as it takes a degree of subjectivity out of the debate - this is the actual position at 31/3 (or is that 3/31 ) and verified by an independent third party. There may also be a covenant obligation the borrower to notify the bank over "potential event of default" - again this is not liked by borrowers as it is is debatable point what might be a default. If there is such a clause, and we don't have that information, the clock may already be ticking. In practice, the impact of these contractual terms is to get to the negotiating table quicker and to define the parties' position. To use an apt metaphor, if you can see the train wreck coming, you want to be able to act in advance to do something about it. Given H is listed, I'd expect them to give some sort of trading update at year end followed by a more fulsome update in their annual accounts when they should have concluded negotiations with the bank. David

There was a study done long ago that showed children a cartoon style spitfire and a more accurate one. Apparently most children went for the accurate one. My four year old knows how to work most of our electronic gadgets. On a tablet, he can find I player and then CBeebies without assistance. He can't yet type and search but I doubt that's not far off. He can play "angry birds" and other simple games. He's getting quite good on a shunting puzzle called TrackZ. He has an extensive wooden railway, various of the Thomas take and play range but given half a chance he will use any oo loco I'm prepared to lend him (usually something life expired). When we set up our oo sidings to "do the shunting game in real life" he was fascinated. Goes without saying, he can pick locos to control off the list on the dcc controller and knows how to make them stop, start etc. Whilst he will play rail Related video games, I think there is something about the physicality of a model that's appealing to him. Now obviously I'm interested in trains and him showing interest resurrected my desire to build a railway, but if I wasn't how would he get interested? Personally, I think the battery powered stuff is a good stepping stone. It doesn't require an adult to build, wiring, soldering etc and is hence accessible. The smart systems areHO gauge allowing some interoperability, eg Thomas take and play track is gauged for oo wagons which has got to be a good thing. Friends who I've taken to shows have been impressed by what can be done but it requires someone with knowledge to introduce them. On the 1000 limited edition Thomas, we saw them at Warley. Child didn't like as they were the wrong colour... Generally, I've not brought him much oo Thomas stuff as a) it's expensive for what it is b) it's not dcc c) he'll grow out of it and generally prefers real to pretend engines. I was told this am "spencer is just a pretend mallard." On dcc, given what can be done electronically at minimal cost in other children's toys, I think Hornby have missed a massive opportunity to make their range more accessible. Doesn't necessarily need to be dcc but needs to compete against other toys that are out there David

I thought there was an interesting, and pointed, line in Bachmann's statement yesterday" "..... and release to our extensive dealer network" David

Tom 100% agree with you re smaller suppliers. It's certainly put me off ordering from some of them. I agree High level has a good and informative website. I can understand why a one man band may not want to have a web set up, payment system etc. It has struck me that there's an opening for an enterprising, web savvy model shop to act as a bit of a broker and to provide some of these services to bespoke kit manufacturers. David

Good to know she realised you "needed" not "wanted"

Sadly i reckon 2018 before a retooled manor or mogul actually hits the shelves... Suspect we're more likely to see a dukedog in a different livery. If they're being creative possibly a duke. On the coach front, I'd hope for something from an earlier date though again I'm not optimistic about it actually materialising any time soon. David

Sorry, I meant in its current incarnation. Back in 2001, when the current version began, NR was just coming into existence as railtrack failed. I agree with the point that TFL pushed it through. However, as a current regular passenger on the central line, I'd say that the new capacity is desperately needed and is several years overdue.

Several people have replied to one of the tweeters copying the British Transport Police - they can hardly claim not to be aware

no idea about bicycles but I don't think you can / are supposed to take them on the tube in the peak. On planning, worth recollecting that the project was driven by TFL/DFT as the two "shareholders" in the early stages. As such, the thinking has potentially been driven by that mindset and not a national network one

With usual caveats about the lack of info we have, I wonder the extent to which the batch run issue is affected by the poor retailer relationships. If they've lost the market Intel providing by a reps on what shops are saying demand is likely to be, I can see how they could get this wrong. Equally I can see how a quick selling first run may lead to a mistaken decision to repeat an order. I'd note Bachmann appear better at not reordering popular run/ but instead using the tooling for other liveries - eg city class or the c class. Hornby's choice of one off prototypes eg 71000 or 2001 lends itself to less livery options (I know 71000 has had several liveries but I'd suggest to the man on the Clapham omnibus these are hard to differentiate and why would I want several of the same loco in different liveries plus not much use to the commercial renamers, eg TMC) David

I recall discussing this issue once with someone involved in the planning. I think one of the issues is one of the space a toilet takes relative to the number of commuters you can have standing in the expected crowded central section

Interesting link, thanks. I was surprised by how much waste there was. In itself, perhaps, an indication of where the costs lie in the models. That said, I wonder if the waste body shells can be recycled and melted down for new moulds. David

That looks like his real name... Prob not too hard to find him. When MPs have had issues with people threatening them on twitter from anonymous accounts, those people have been traced pretty quickly. I don't see why couldn't be done here David

They've not put a link in unfortunately. If you clicked on the #flyingscotsman it would take you to a list of other users' comments on the same event

@legend - Hornby has just tweeted....

Cash is king as they say. Given its an absolute, profit can be subjective depending on non-cash adjustments, any underlying problems will show up. Roy's sales strategy above is not a million miles from what they've been doing. The Black Friday, flash sales etc are all dashes for cash David

I've never had the pleasure of going to their shop. Even with the dearth of model shops in north east London, going to Cornwall would be a tough internal sell. She's also wised up that most UK based holidays I plan have convenient stop off points at railway sites!

Cash down but assets up though!

I spoke to Cornwall earlier today. I needed to ensure that they use interlink to deliver so as I can reroute the parcel to our local corner shop as I'm not that sure my wife will be overly impressed by the arrival of these coaches... Cornwall seemed a little jaundiced. I got the sense they would believe it when they see all the variations arrive in their warehouse David

Id say the dean goods is relatively imminent, pre summer based on the samples. I suspect the King may slip into 2017 and 2017 seems optimistic for the 94xx... David

I'm not sure I quite agree with you. I too have spent most of the last twenty years in front office banking. I quite agree that if Barclays gets to the point of pushing the business into liquidation the problems are intractable. However, Whilst I wan probably a bit quick to leap to a conclusion above, I don't think there will be negative PR for them around this situation and hence not an influence on their decision making process. We've seen enough press articles, a disproportionate number for such a small company, that are all predictable and allow Fleet Street's finest to hone their rail related cliches. You can read the headline now "end of the line for Hornby as bank closes business." Etc etc as nasueam. They'll be some more hand wringing talking head columns about how terrible it is children of today don't play with old fashioned toys couples to an admission they buy their kids an iPad. Of dear and how sad for the enthusiasts. However, the tone will be if the business isn't making money then what else could the bank do? They are not a charity and are not going to continue to fund the working capital of the Hornby business. Where is the bad publicity, where are the millions of customers saying we must keep this business open, will Jermey Corbyn be demanding a statement from Cameron asking what he will be doing to protect this iconic British brand? I'm afraid I can't see it. Even on this site which is broadly supportive of all manufacturers, there is a recognition that if they don't make money, they will eventually fold. I can't see how a risk committee will translate that into a loss of more than the gbp10m so Barclays has out to them. Yes I'm sure Barclays would rather avoid any bad publicity and ideally wants to see the business either sold or retuned to profitability but I can't see a reason why they would hesitate around reputation all risk here. As othersr have said, let's not prhuedge the situation befor Hornby's year end and let's hope for a positive outcome David

I can see how they got to this name but wasn't the Jubilee line named in her honour too? Orignally I think that was known as the Fleet Line. Given building started in earnest in 2012, diamond or Olympic might have been good names though Crossrail is a pretty established brand already

Agreed - depends on the change of control language in the legal agreement. I'd not want to lose control of "my" product however I doubt it captures a change of control of Hornby as a whole David

Agreed Ron - I'm sure would take Bachmann all of 5 nano seconds to extend their license to the uk and export their existing, tooled product to the uk as well... Question is what would they pay Hornby/adminstrators for that licence assuming Hornby has not defaulted on the agreement. If I were h, I might look to sell that licence in the next couple of months David