Hornby handed out almost £1m to two of its ousted executives amid mounting annual losses, it has emerged.
Former chief executive Steve Cooke quit following a review by Hornby’s majority shareholder last September after just 18 months in the role. David Mulligan, previously Hornby’s finance chief, stepped down in December 2017.
Mr Cooke took home £403,000 in salary and benefits for six months’ work, with a further £155,652 in severance compensation. Mr Mulligan, who was paid £244,000, was handed a £174,697 golden goodbye.
Hornby’s annual sales slumped from £47.4m to £35.7m in the year to March 2018. Losses before tax were £10.1m, up from £9.5m in 2017.
The Aim-quoted company last posted an annual...