Shareholders in iconic firm Hornby have overwhelmingly supported a motion to delist it from the stock market and return to private ownership.

A meeting was held at its Margate headquarters yesterday after it had proposed taking its shares off London’s Alternative Investment Market (AIM) last month.

As a consequence, the buying and selling of shares in the company - which includes famous brands such as Scalextric, Airfix and Corgi in its portfolio - will end on April 9 before it comes off AIM at 7am the following morning.

Company bosses had said going private once again will provide the firm with the “necessary agility for swift decision-making and efficient execution of strategy”.

Existing shareholders needed to support the plans to delist with at least 75% approval. In the end, more than 99% supported the motion.

Among its shareholders are Mike Ashley’s Frasers Group which last year upped its stake in the company to just below 9%.

It’s single biggest shareholder is investment firm the Castelnau Group which owns 54.9% of the firm and which had supported the move.

The company had said, prior to the meeting: “The board is well aware of the place Hornby has in the hearts of its loyal shareholder base.

“The directors have conducted an in-depth review of the advantages and disadvantages to the company and all its shareholders in retaining the company's quotation on AIM. Following this review, the directors have concluded that the cancellation will be in the best interests of the company and its shareholders as a whole.

“It is the board's view the cancellation will provide greater strategic flexibility and that Hornby can take and implement decisions more quickly than a company which is publicly traded as a result of the more flexible regime that is applicable to an unquoted company.”