Hornby and Corgi - names that will mean toys, mainly for boys who are now fathers if not grandfathers - have become one company.

Thanet-based Hornby, famous for its model railways, Scalextric cars and Airfix models, is the new owner of Corgi, once famous for toys and now specialising in collectible die-cast models.

It's a deal worth £7.5m.

Hornby’s chief executive Frank Martin said: "We are confident that we will grow the scale of the business rapidly and drive it forward."

Hornby founder Frank Hornby launched Meccano in 1907. Corgi began life producing metal toys as Mettoy in the 1930s.

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