Credit red light halts model train maker

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German model trains maker Märklin filed for bankruptcy as it was hit by the consumer slowdown.

Hornby last month warned profits for the year will come in at the lower end of expectations, after a good Christmas failed to make up for dismal trading earlier in the year.

Märklin managing director Dietmar Mundil hopes to assemble a rescue package to save the 150-year-old firm, which employs 650 people and last year had a turnover of €128 million (£114 million).

German media reports said the banks did not agree with the strategy of investors Kingsbridge of the UK and Goldman Sachs, which bought Märklin three years ago.

Märklin's precision-made trains and rolling stock are recognised universally as the Rolls-Royce of the model railway world, but sales have been hit in recent years by their high cost and a waning interest in the hobby.