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The chief executive of model toymaker Hornby, Steve Cooke, is to step down amid a strategic review by the firm's majority shareholder.

Phoenix Asset Management took full control of the business in the summer in an effort to boost growth.

A turnaround plan at the Scalextric-to-Airfix toy firm has already seen it cut its product ranges and investments.

Last week, Hornby warned over its full-year performance due to increased competition and weaker demand.

Mr Cooke's departure was "mutually agreed" and he would remain in place for a transitional period.

He joined the company as the finance head in June 2015 and became chief executive in April 2016.

Interim chairman David Adams, who was appointed during the recent take-over, said: "The position of Phoenix as Hornby's majority shareholder represents a new chapter in the development of the group, and the board is working closely with Phoenix to set the direction of the business going forward."

In July Phoenix completed its takeover of Hornby, which was triggered when it bought a stake from another investor that gave it a majority holding in the firm.

Phoenix said it was reviewing the turnaround on which Hornby had embarked last year.

The company is struggling to revive its fortunes, and is due to release new products in the second half of the year to help increase demand.

In early afternoon Hornby shares were down 6.84% at 27.25p.