Magister Militum - Selling Up

[Big Insect]

Indeed. Perhaps as you suggest, a cash investment by Director's to launch the Company into trading that has never been recovered. Relevant to turnover levels and profits before tax, a lot of money.

Brexit uncertanity won't have helped in a business where goods are imported from EU for retail, with end of "grace periods".

Three things strike me about the GB wargame market: First, there are traders who are just traders, and then you have traders who have become a "brand"and generated a unique customer loyality and relationship.This forum is a classical example of how that relationship is nurtured. In the 1980s hayday of the hobby, you had the big fish like the Perry twins whose Foundry was the epitomy of being a brand.  That is where Pendraken is now. That loyality is recipocated as was demonstrated in the "BKC crisis" a few years back.

Secondly, I note no existance of any Wargame Trades Federation - like you have in other sectors such as say "angling". Hence no collective body to lobby MPs or promote a unique and very British domestic industry.

Finally, I would also comment that, in general the Wargame traders are all of a certain age. Leon is one of the few 'second generation'. Lawrence Kay at IM would be another. What happens when- as is current with Timecast- the time comes for the present generation want to retire? 

Very poignant observations there Sunray.

I am aware of at least 2 other highly regarded 28mm modelers and manufacturers who are both making noises about potentially giving up the industry (& trying to sell up) in the next 2 years.
Both state the challenges of Brexit - they have seen their European sales "fall off a cliff" - lower margins due to fuel and material cost increases and also the competition (as they see it) from digital sculpting and 3D printed plastics/resin figures, specifically via Etsy.
The 3D printing issue I thought was an interesting comment, as my perception of 3D printed figures was that they appear to be expensive (especially if buying in any quantity) and fragile. Originally they also had a strange sort of 'roundedness' to the sculpts, but more recent ones I've actually physically seen appear to be much more realistic. Also a move to printing them with closed hands that can be drilled to take metal spear, javelins, pikes etc. seems to be a sensible development.
But time (& tide) waits for no-man and the hobby seems to be getting older, as are our traders/manufacturers. Whilst I think that being a wargames trader/manufacturer is probably more a 'calling' or vocation than a day-job, I also think we will be bound to see more change in the next few years, as retirement beckons for some of the longer established players.

[Duke Speedy of Leighton]

In answer to the Timecast question
Barrie has retired (ill health), Mark is running the company still as a solo project, and moving it the way he wanted to for many years.
New walls for 28mm soon folks!

[Ben Waterhouse]

Very poignant observations there Sunray.

I am aware of at least 2 other highly regarded 28mm modelers and manufacturers who are both making noises about potentially giving up the industry (& trying to sell up) in the next 2 years.
Both state the challenges of Brexit - they have seen their European sales "fall off a cliff" - lower margins due to fuel and material cost increases and also the competition (as they see it) from digital sculpting and 3D printed plastics/resin figures, specifically via Etsy.
The 3D printing issue I thought was an interesting comment, as my perception of 3D printed figures was that they appear to be expensive (especially if buying in any quantity) and fragile. Originally they also had a strange sort of 'roundedness' to the sculpts, but more recent ones I've actually physically seen appear to be much more realistic. Also a move to printing them with closed hands that can be drilled to take metal spear, javelins, pikes etc. seems to be a sensible development.
But time (& tide) waits for no-man and the hobby seems to be getting older, as are our traders/manufacturers. Whilst I think that being a wargames trader/manufacturer is probably more a 'calling' or vocation than a day-job, I also think we will be bound to see more change in the next few years, as retirement beckons for some of the longer established players.

Front Rank being the one that shouldn't have surprised me, but did; when they sold up to Gripping Beast.

[Big Insect]

Yes - the challenge of trying to integrate two very characteristic and different sculpting styles under the same manufacturer will be interesting to watch. Others manage it - Fighting 15's is a good example - but generally they tend not to add to existing ranges, and to market them under their original brand names - as MM did with Chariot.

It could be argued that with Front Rank, Gripping Beast got a number of complete ranges (although with Napoleonics can that ever be said to be the case!). The challenge comes when your customers demand additions to a range that you've not sculpted yourself. 'Ancient & Modern' have balanced this by splitting the old Donnington ranges (of which I am a big fan) from their 'New Era' sculpts (which are also very good). The new owners of the old 'vintage' Lamming ranges - East Front - are attempting to replicate Bill Lammings style and also trying to stay true to the original Lamming multi-part approach. From what I have seen so far, they appear to be achieving this.

So it will remain to be seen as to who snaps up the various MM ranges or if the business is bought as a whole.

[Chad]

Having looked at the accounts filed by MM since it's inception the following things stand out:

1. The accounts are unaudited and show only a minimum of information. That is normal for a small
  business, but a prospective purchaser would need to look into more detail.
2. The company has reported losses in nearly every year so the large Creditor sum will not
  include any liability for Corporation Tax.
3. The large Creditor figure would need to be examined in detail. For the majority of the years
  it has been described as due within one year. As such it would be expected to include a
    combination of monies owed to suppliers, bank overdraft, PAYE and VAT in the main.

    For the year ended January 2022 it has now been stated as due in more than 12 months, which
    suggests something has changed in the nature of that Creditor balance, which would need to be
    understood.

Overall there appears to be little evidence that the company has been a successful venture financially since day one.

[streetgang]

Quite disappointing news. While Pendraken is my number one love for 10mm, I love the scale so much I have affairs with several other manufacturers. My Crimean War and Early WW1 projects are entirely MM and I freely mix MM into my 10mm Pict, Irish and Saxon dark ages armies  (which are predominantly Pendraken). I was also planning a foray into Biblical era armies...

I was planning an order for Pendraken soon, looks like I will have to double down and make an order from Magister Militum to fill any gaps in the event  the ranges disappear. Need to take inventories, make priority lists and see what the butcher's bill will cost me. Nothing quite like panic shopping!

[FierceKitty]

Do remember that Newline also do a few good chariot-era ranges, and that Lancashire has a few too (though there's something about their genetic make-up I don't trust).

[Big Insect]

Do remember that Newline also do a few good chariot-era ranges, and that Lancashire has a few too (though there's something about their genetic make-up I don't trust).

Lancashire used to have real issue with their metal. Maybe it had too much lead in it, but it resulted in them getting 'lead-rot' quite quickly or breaking off at the ankles. However, I understand that this may have been rectified in recent years, not that I have bought any for a while now.

[mmcv]

Funnily enough my first order from Lancashire arrived yesterday with a few packs to check them out, some bronze age and medieval command figures. Look fairly nice though haven't had a chance to paint up or see how they look along side other ranges. 

Newline do a nice bronze age range and Fogg of War are in the process of getting their shop up which will include some bronze age stuff too. 

[steve_holmes_11]

This news (combined with Pendraken's own problems) seems gloomy.

I'm seriously low on marketing savvy, but I believe we have two rather different businesses here.
    Pendraken "Scale leader - with supporting sidelines".
    Magister Militum "Aggregator - without a dominant theme".


The marketing types around my job (Information technology) were obsessed that any new business needed it's "Killer App".
One thing they delivered with excellence, which set them apart from hundreds of similar offerings.

In our extended hobby Warhammer are a classic example (I should have said Games Workshop - Warhammer is the killer app).
Pendraken has that in its 10mm ranges.

I can't think of many times Magister Militum was my first choice of supplier.
Their extensive ranges were handy for filling gaps in collections.
But I have never envisaged a project - even the most speculative - and throught "I'll get all the stuff form Magister Militum".


But I never 

[Leon]

I'm seriously low on marketing savvy, but I believe we have two rather different businesses here.
    Pendraken "Scale leader - with supporting sidelines".
    Magister Militum "Aggregator - without a dominant theme".

In our extended hobby Warhammer are a classic example (I should have said Games Workshop - Warhammer is the killer app).
Pendraken has that in its 10mm ranges.

That's an interesting point that could probably take up it's own thread!  While 10mm is obviously our 'bread and butter' as it were, we never could have achieved our current level of operations whilst relying solely on the 10mm sales.  The main reasons for that are simply that 10mm doesn't generate enough profit margin in the product itself, and the scale didn't have as much market share as the more traditional scales.  The latter has changed a lot over the past 10+ years though, which has been a big help.

The only way that we were able to expand into premises and staff was by diversifying into the third-party and sundry products.

[GrumpyOldMan]

Fogg of War are in the process of getting their shop up which will include some bronze age stuff too.

Fogg of War have been talking about a web shop for a few years now, I see that they have a marker web site now, be interested to see what happens there.Their ancient Chinese looked intersting.

Cheers

GrumpyOldMan

[mmcv]

Fogg of War have been talking about a web shop for a few years now, I see that they have a marker web site now, be interested to see what happens there.Their ancient Chinese looked intersting.

Cheers

GrumpyOldMan

Yeah I have some of their Chinese samples I got a few years back and they are very nice. They've also got some Renaissance, Dark Age and Classical ranges in the works along with their Bronze Age and Asian offerings. I was chatting with them recently when I saw they had the site up and they sound like they're close to launching 🤞

[Big Insect]

I can't think of many times Magister Militum was my first choice of supplier.
Their extensive ranges were handy for filling gaps in collections.
But I have never envisaged a project - even the most speculative - and thought "I'll get all the stuff form Magister Militum".

I totally agree with that thought.
Some manufacturers have nice figures but not a complete range - such as Artizan Designs 28mm ranges. Lovely figures but always with 'gaps' in their ranges, unfortunately. So for me they end up as 'filler' purchases - with the majority of an army coming from another supplier, with compatible figures.

I think that the completeness of a range is (for me anyway) a major factor in where I buy products from.
Maybe I am lazy or it is just that I like a degree of consistency of 'sculpt' within an army.
Likewise having matching opponents is important - to me it no good having a Russo-Japanese range with only the Russian (or just the Japanese) force - or if there were a few Manchurians or Chinese troops involved - having them available is often the key influencer in making the bulk purchase decision

Magister Militum were/are as you state more of a 'filler' supplier for me - so I'll buy my massed 15mm orc & goblin army from Alternative Armies (for example) but MM do a nice goblin overseer cracking a whip (so I get a few packs of those to supplement the AA hordes). Or I'll buy my Baueda camp from MM, at the same time as a few other odds and ends, to save on P&P. Pendraken have the added advantage of offering full (own brand) figure ranges + all the nice add ons - like Litko markers, MDF bases, wire spears & pikes - as well 

[John Cook]

I agree.  Complete ranges are fundamental to taking that plunge into a period.  I also agree about consistency of sculpts.  I hardly ever use other manufacturers to fill-in gaps in another.  I'd rather not bother in the first place. 
Similarly, producing both sides is pretty basic I'd say.  I also wonder if some of the more obscure ranges aren't loss-leaders really.  Russo-Japanese War, War of the Pacific - Really?  I suppose it is alright if the core ranges generate sufficient to make them possible but otherwise but I'd rather see some of the older ranges modernised first.
I also like consistency of poses within a range.  That is the principle reason I haven't considered Pendraken's AWI.  Lovely figures but those cavalry poses - great for red indians but not much else, in my view.
I've only used MM once for a complete project - Maida - and that was only because Pendraken didn't make the early Napoleonic figures.  They were expensive in comparison and a chore to prepare and paint.
 

[FierceKitty]

It occurs to me that if MM goes under, there'll be a serious gap in 10mm Sassanids. The Pendraken figures are better, but too limited in variety. This could be a real problem.

[Duke Speedy of Leighton]

It occurs to me that if MM goes under, there'll be a serious gap in 10mm Sassanids. The Pendraken figures are better, but too limited in variety. This could be a real problem.

Or you do what I did, use the the late Roman cataracts.

[DecemDave]

Even worse for Huns.  A strange omission from the Pendraken LR range.
But not having cataracts at least I can still see to paint them.
 

[FierceKitty]

I do have minor cataracts, and some day I'll need to have them seen to...hmmm, wrong word, what?

I have a unit of the late Roman figures in my Persian army, but the MM ones remain useful (esp. the fancy standards).

The Pendraken Mongols are convincing Huns, I find.

[steve_holmes_11]

10mm is the size where my eyesight struggles to locate minor details.
Belt buckles, dagger sheaths and the like.

This also makes it the largest size where I'm happy with "Paint conversion".
A coupe of years back I posted a whole list of Proxies for sixteenth century "age or exploration" Indian ocean contingents.

A couple of hours poking about the obscure corners of Pendraken's catalogue is rarely wasted.
For example: The recent "Chinese peasants" form the Russo Japanese range could plug into a millenium and a half of Chinese history.


Returning to Magister Militum:

The problem isn't so much incomplete ranges:
They have a couple of very complete ranges in the old Chariot 15mm Biblicals and the Hallmark small scale naval.
It's more that their extremely general range means they're rarely the "Go to" you'd think of outside some rather specialised set-ups.