The event has seen exponential growth over recent years, seeing more than 70,000 families and fans of LEGO unite to celebrate their love of the plastic brick.

Hornby has seen a revenue fall of 25 per cent to £35.7 million in the 12 months to March 2018.

It’s the boldest acknowledgment yet of the company’s struggles in the changing retail landscape, seeing more sales and custom lost to digital downloads and online trading.

The warning follows recent reports that high street retailer New Look tried to cut the rent of one its sites, but then allegedly offered to pay more after a decision was made to cancel the lease.

Yesterday it was revealed that having faced several headwinds including strong competition and inflation, the retailer had appointed administrators to enter its next phase.

If the plan is approved, 2,000 House of Fraser jobs will go, along with 4,000 brand and concession roles.

The list features 13 new products geared towards bringing fantasy, technology, construction and discovery to children’s toyboxes.

Walmart and Target have outlined their plans to 'go big' with the toy market this year and FAO Schwartz will reopen in Manhattan this November.

The annual, consumer facing awards, aim to champion the best toys at every age from newborn to pre-teens – and are judged by children, family influencers and toy industry experts.

To highlight its Flyerz range, guests were treated to a private helicopter ride over the track.

The category will make its debut at the 2019 event – running from January 30 to February 3 – amid a number of restructured and reconceptualised product groups.

Onlookers in locations including Covent Garden and Marble Arch were treated to an appearance from Rosberg via projection mapping across Covent Garden as the F1 champion challenged two Hot Wheels cars to the race.

The event saw 200 industry professionals walk, run, swim and cycle in a bid to raise the total towards this year’s Giving the Gift of Play theme.

For a decade, the Rainbow Toy Awards has opened its doors to entrants with new launches or relaunches from across the prior 12 months in order to celebrate excellence within the toy industry.

Hello now incorporates Hello PR, Hello Broadcast, Hello Media Buying and Hello Digital Communications.

“These annual awards provide us an opportunity to recognise the truly outstanding work from our stakeholders which make Nickelodeon Viacom Consumer Products the success story that it is today.”