Troubled toymaker Hornby has appointed a new chairman to oversee a turnaround plan at the firm.

John Stansfield, a Hornby veteran of 31 years, will take up the role in a non-executive capacity, the group said on Tuesday.

A qualified accountant, Mr Stansfield spent 12 years as Hornby’s finance chief.

He will replace Lyndon Davies, who will step down from the interim chairman position to focus on his role as chief executive of Hornby.

Separating the roles of chairman and chief executive will enable the company to better comply with corporate governance, Hornby added.

The company, best known for its model railways and Scalextric car race tracks, is having a torrid time.

Earlier this year, it reported wider full-year losses, blaming former leadership for poor decisions that caused its famous brands to “fall from grace”.

It booked pre-tax losses of £10.1 million for the year to March 31, up from losses of £9.5 million a year earlier.

That was against a near-25% drop in revenue to £35.7 million, while it took a £2.3 million hit on restructuring and refinancing costs for 2017.

Mr Davies said on Tuesday: “Working with John since he joined the board eight months ago has been a real pleasure and I look forward to working with him in his new role as chairman.

“His accumulated knowledge over three decades at the company has helped us navigate some of the difficult changes we are making. I can’t think of a better person to lead the board through this important period and beyond.”

Press Association