Hornby, the UK model train manufacturer, has bought the Airfix model planes brand out of administration for £2.6m.

The deal also includes Humbrol Paints and Young Scientist, two other brands of Airfix's parent company Humbrol, which entered administration in August.

Assembling Airfix's notoriously complex model planes was one of the best-loved pastimes for children during the 1960s and 1970s but the brand has struggled in recent years with the advent of television and computer games. The company has already been rescued from receivership once before during the 1980s.

Hornby's plans for the company include an investment of £350m and a new product range for 2008. 

Airfix, Humbrol Paints and Young Scientist reported sales of £6.5m last year. Hornby's own revenues fell by £0.6m during the first half of this year to £17.9m.