Hornby PLC (LSE:HRN) jumped over 20% in early trading after Mike Ashley’s Frasers Group PLC (LSE:FRAS) hiked its stake in the model railway maker.
Retail group Frasers purchased around 11,.1 million issued shares in the company, Hornby said on Friday, taking its total number owned to 15.1m, or 8.9%.
Hornby’s products are already stocked in Frasers-owned GAME stores, with the latter’s increased ownership set to precede other partnerships between the two.
“We look forward to exploring commercial opportunities in working together to unlock the full potential of Hornby's much-loved brands,” boss Olly Raeburn commented.
Shares in the train set firm climbed 21.4% to 25.50p.