The end of POCHER models



Is Pocher history?
YES...as stated in this recent press release:

ARNOLD, POCHER: The Italian model course manufacturer LIMA S.p.A. in Brescia seems to be at the end; Rumors went around already for approximately 14 days after appropriate expressions of the management. Wages and salaries for June were paid still normally, distribution take place according to plan. We quote in addition now from the Italian newspaper IL GIORNALE DI VICENZA of today's Saturday. Evtl. We ask to excuse translation errors:
lsola Vicentina, 12 July 2003. End of the journey for the historical railway company. Trade union: "no comment". LIMA is finally concerned at the end a three firm representative in Brescia the official receiver assigned. Lima is in bankruptcy. Yesterday early in Brescia in the kanzlei by Anna Rumma by three representatives LIMA's the inability to pay of the entire group one announced. As official receivers Valter Seddio and Alberto Falini from Brescia as well as Pierluigi Tita from Milan were ordered. The entire staff of production on lsola the Vicentina (approximately 80 persons employed, who have to do with the production of the collecting miniatures) and the administration in Brescia (about 20 persons employed are dismayed and scareThe trade union prefers it not to react yet: "we wait the official statement on Monday off". One waits thus breathlessly for the further development. As already once with the December crisis the decision lines up, the company in the via Capiterlina to close. Yesterday the chairman Luca Ramello has his resignation admits given. Afterwards the dissolution of the board of directors was decided and the official receivers was appointed. "the commitments are with scarce under 20 million euro and exceed thereby the available capital enormously" avoid the official receivers because of Monday their order will formally assume. This seems to be actually the last station for the model railways of the company LIMA.

The message is posted here: http://wc1.worldcrossing.com/WebX?14@46.HzKTfQ7FMfh.0@.1dde0c57/0

But in the end of 2004 the HORNBY aquisition of LIMA was approved!
Hornby Plc, the model and collectables group, is pleased to announce that the Court of Brescia in Italy has signed a decree which allows the Liquidators of Lima S.p.a. to accept Hornby's offer of €8 million to acquire certain assets of Lima. The Hornby Board is confident that the acquisition will be completed by the end of the calendar year. Lima is one of the best-known model railway companies in Europe. However, given the high cost overhead associated with its European based manufacturing operations, the company has suffered recently from poor cash flow and was forced into liquidation in 2003. The Hornby Board is confident that it has the skills and experience to re-invigorate Lima’s brands. This will be achieved by reducing production costs by outsourcing production to China and concentrating on improving sales and distribution channels to ensure a recovery in sales of Lima’s key European markets. Hornby intends to maintain Lima’s current product lines. The bulk of the company’s assets are detailed product moulds; initially these will be moved to Hornby’s site in Margate before dispatch to China. Hornby has implemented this outsourcing strategy successfully with its own Hornby and Scalextric brands. The acquisition represents a major opportunity for Hornby to continue its growth in key European markets. Lima has a strong range of brands: Lima/Rivarossi - brand leaders in Italy Jouef - brand leader in France Arnold - 'N' gauge products (predominantly German) Pocher - high-end diecast collectable kits In addition to the European opportunity, Rivarossi is recognised as a premium brand in the USA. Chief Executive of Hornby, Frank Martin, said: "We are delighted that the Italian Court has recognised the merits of our offer. Now, subject to our due diligence, we hope to complete the acquisition before the end of the year. We are excited by the potential for the Lima brands, which alongside our Spanish operation Electrotren, will form the platform for our expansion into key European markets. Over the long-term we are confident that this will also increase our rate of growth in the USA.”

The message is posted here:http://www.hornby.com/pages/nws_det_press.aspx?NewsItemID=408"


So... there is still hope....



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