Iconic plastic plane firm Airfix has been rescued after Hornby struck a deal with administrators.
Model train maker Hornby yesterday agreed to pay #2.6 million for Airfix, Humbrol Paints and Young Scientist.
It followed the collapse of Airfix owner Humbrol which went into administration in August.
The troubles at Hull-based Humbrol sparked an outpouring of nostalgia for Airfix, which enjoyed its heyday in the 1960s and 1970s as children across the land glued together model Spitfires, Hurricanes and Lancaster bombers.
Hornby, which also makes Scalextric cars, said it hoped to invest #350,000 in developing Airfix kits and launch a new range of products by 2008.
It said it wanted to launch a new range of Airfix's plastic tanks, planes and ships adapted for a younger generation with a shorter attention span than its parents and more interest in cartoon characters.
Hornby chief executive Frank Martin said: "We wouldn't rule anything out. At the younger end we might produce kits which are already painted, already clipped together."
"Instead of working on something for a week, children can work on something for an afternoon. If that's what they want, we can give it to them.
"We will look at character licensing and film character-related products in the short term," Mr Martin added.
But the company stressed it would not be deserting the older products loved by fans.
"Many of them sell year-in, year-out because they are iconic subject matter," Mr Martin said.
Humbrol, which launched the Airfix Spitfire fighter plane in 1955, fired all its employees when it went into administration. Hornby said it expected to employ a small number of ex-Humbrol staff.
It added that it would be buying several assets from the administrators of toymaker Humbrol, including Humbrol paints as well as Airfix.
The announcement coincided with a disappointing set of results for Hornby. The group saw a 43 per cent drop in pretax profit to #1.42 million for the six months to September 30, hitting its shares.