Toy maker Hornby is to hold a general meeting after receiving a request to remove its chairman Roger Canham from a group representing a fifth of its shareholders.

The model manufacturer, which makes brands like Scalextric and Corgi, was given a letter from Ian Alexander Anton signed on behalf of shareholders ROY Nominees and HSBC Global Custody Nominee.

The letter called for the removal of Mr Canham as a director of the company and to replace him with Mr Anton with immediate effect.

Mr Canham joined Hornby in 2012 and was made chairman in 2013.

He has been forced to take the lead role as executive chairman on two occassions, after the departures of former chief executives Frank Martin and Richard Ames after a series of poor financial results.

He is also chairman of Phoenix Asset Management Partners and CCP Group and also owns a number of property development companies.

Last week, the company’s shares climbed nearly 10% after it revealed it has completed the first phase of its turnaround and that annual revenues are likely to be slightly ahead of expectations.

It has restructured its UK and European operations after losses of £13.7 million last year – although it still expects to make a loss when it reports its results for the 12 months to the end of March in the summer.

Its shares were up nearly 2% in early trading.