Its roots date back to 1901, when founder Frank Hornby received a patent for his Meccano construction toy. The first clockwork train was produced in 1920. In 1938, Hornby launched its first 00 gauge train. In 1964, Hornby and Meccano were bought by their competitor, Tri-Ang,[1] and sold on when Tri-ang went into receivership. Hornby Railways became independent in the 1980s, and became listed on the London Stock Exchange, but due to recent[when?] financial troubles is presently majority owned by turnaround specialist Phoenix Asset Management.[2]